Bitcoin mining firm BitMine is making a bold pivot toward Ethereum, unveiling plans to raise $250 million to build an ETH-focused treasury, mirroring MicroStrategy’s Bitcoin playbook.
In a press release, BitMine announced a private placement of over 55 million shares at $4.50 each, aiming to secure $250 million in funding. The capital will be used to acquire Ethereum and establish it as the company’s primary treasury reserve asset.
The funding round is led by MOZAYYX and includes heavyweight investors such as Founders Fund, Pantera, FalconX, Galaxy Digital, Republic Digital, Kraken, and crypto strategist Tom Lee—who has also been appointed Chairman of the Board, effective immediately.
The deal is expected to close around July 3, 2025, pending standard closing conditions.
BitMine plans to leverage its ETH holdings for native protocol activities like staking and DeFi participation. Tom Lee emphasized Ethereum’s dominance in stablecoin transactions, citing Treasury Secretary Scott Bessent’s projection that the stablecoin market could hit $2 trillion. “Stablecoins are the ChatGPT of crypto,” Lee said, underscoring ETH’s strategic value.
