.webp)
June 30, 2025 – BitMine Immersion Technologies (NYSE AMERICAN: BMNR), a leading Bitcoin Network Company, today announced the successful pricing and signing of a $250 million private placement. This significant capital raise marks a pivotal strategic shift for the company, as it will utilize the proceeds to acquire Ethereum (ETH) as its primary treasury reserve asset, positioning BitMine to become one of the largest publicly traded ETH holders.
The private placement, involving the sale of 55,555,556 shares of common stock at a price of $4.50 per share, is expected to close on or about July 3, 2025, subject to customary closing conditions, including NYSE American authorization for supplemental listing. The transaction was led by MOZAYYX and saw robust participation from a high-quality group of investors, including Founders Fund, Pantera, FalconX, Republic Digital, Kraken, Galaxy Digital, DCG, Diametric Capital, Occam Crest Management, and Thomas Lee.
In a move that underscores the company’s commitment to this new strategic direction, Thomas Lee, Founder of Fundstrat and CIO of Fundstrat Capital, has been appointed as Chairman of the Board of Directors, effective immediately. Mr. Lee’s extensive experience in market analysis and his deep understanding of both traditional finance and the cryptocurrency space will be invaluable in guiding BitMine’s treasury operations.
"This transaction includes the highest quality investors across trad-fi and crypto venture capital, properly reflecting the rapid and continued convergence of traditional financial services and crypto," said Thomas Lee, newly appointed Chairman of BitMine. "Ethereum is the blockchain where the majority of stablecoin payments are transacted, and thus, ETH should benefit from this growth. One of the key performance metrics for BitMine going forward is to increase the value of ETH held per share."
The proceeds from this private placement will enable BitMine to increase its existing treasury holdings by over 16 times. By adopting ETH as its primary treasury reserve asset, BitMine gains direct access to native protocol-level activities on the Ethereum network, such as staking and decentralized finance (DeFi) mechanisms. This strategic decision aligns with the growing utility and adoption of Ethereum as the foundational layer for a vast array of digital assets and decentralized applications.
Jonathan Bates, CEO of BitMine, commented, "The private placement will accelerate BitMine's treasury holdings shortly after its first treasury purchase on June 9, 2025. FalconX, Kraken, and Galaxy Digital plan to partner with the Company to grow a world-class Ethereum treasury strategy alongside existing custody partners, BitGo and Fidelity Digital."
BitMine Immersion Technologies has an established presence in the digital asset space, known for its next-gen immersion-cooled Bitcoin mining operations across strategic locations in Texas and Trinidad & Tobago. The company also offers Mining-as-a-Service (MaaS) and synthetic mining solutions, providing businesses with hands-off access to institutional-grade Bitcoin mining and flexible exposure to BTC. While continuing its focus on these core business operations, the new Ethereum treasury strategy represents a significant expansion of its investment and value-creation approach.
ThinkEquity, LLC acted as the placement agent for the private placement. Cantor Fitzgerald & Co. advised the lead investor, MOZAYYX, with Winston & Strawn LLP acting as legal counsel to MOZAYYX. FitzGerald Kreditor Bolduc Risbrough LLP acted as counsel to BitMine, and Greenberg Traurig, LLP acted as counsel to the placement agent.
About BitMine Immersion Technologies
BitMine Immersion Technologies (NYSE AMERICAN: BMNR) is a Bitcoin Network Company driving value through its Bitcoin and now, significant Ethereum treasury strategy, alongside its operational activities. The company specializes in next-generation immersion-cooled Bitcoin mining, Mining-as-a-Service (MaaS), and synthetic mining solutions. With a focus on long-term investment in digital assets and leveraging efficient mining operations in low-cost energy regions, BitMine aims to enhance shareholder value by strategically accumulating and managing cryptocurrency reserves.
Compiled by CMO Intern team
