BitMine Rockets 957% on $250M Ethereum Treasury Gamble—Wall Street Left Scratching Heads

Talk about a moonshot—BitMine just turned a quarter-billion-dollar Ethereum bet into a near-10x explosion. Here’s how the crypto minnow outmaneuvered the whales.

The $250M Playbook

No fancy derivatives or secret algo. Just old-school treasury accumulation—Ethereum style. While traditional finance was busy shorting ETH, BitMine went all-in. Now their balance sheet looks like a DeFi yield farm on steroids.

957% and Counting

The market’s verdict? A blistering 957% surge that’s got crypto Twitter screaming ‘I told you so’ and hedge funds quietly updating their ‘blockchain strategies’ PowerPoints. (Spoiler: they’re still buying the dip too late.)

Crypto’s New Power Move

Treasury plays aren’t just for Fortune 500s anymore. BitMine just proved digital assets can turn conservative balance sheet moves into rocket fuel—assuming you’ve got the stomach for 90% drawdowns between cocktails.

Wall Street’s favorite ‘bubble’ just schooled them on capital allocation. Again.

BitMine Immersion Technologies has closed a $250 million private placement to implement an ethereum treasury strategy, positioning the company to become one of the largest publicly traded holders of ETH, the NYSE American-listed mining firm announced in a statement.

It priced 55.5 million shares at $4.50 each, with proceeds funded through a combination of cash and cryptocurrencies.

The announcement has driven explosive gains in BitMine's stock price, with shares currently trading at $46.00, up $41.65 or 957.47% over the past five days. The dramatic surge reflects investor enthusiasm for the company's pivot toward Ethereum treasury holdings, mirroring the stock performance seen in other crypto treasury adopters.

The transaction was led by MOZAYYX with participation from prominent investors including Founders Fund, Pantera, FalconX, Republic Digital, Kraken, Galaxy Digital, DCG, Diametric Capital, Occam Crest Management, and Thomas Lee. The offering is expected to close on today, subject to NYSE American approval and other customary conditions.

Tom Lee, founder of Fundstrat and the company's newly appointed chairman of the Board, will lead BitMine's strategic direction. "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," Lee said.

The company plans to use net proceeds to acquire ETH as its primary treasury reserve asset, expanding beyond its traditional Bitcoin mining operations. BitMine will leverage Ethereum's smart contract capabilities and decentralized finance mechanisms, including staking opportunities available on the network.

Lee, a prominent financial strategist and frequent contributor on CNBC, emphasized the strategic rationale behind the Ethereum focus, citing stablecoins as the "chatGPT of crypto" driving rapid adoption. He noted Treasury Secretary Scott Bessent's recent projection that the stablecoin market could reach $2 trillion compared to the current $250 billion, with most stablecoin transactions occurring on Ethereum.

"One of the key performance metrics for BitMine going forward is to increase the value of ETH held per share," Lee stated. The company expects to achieve this through reinvestment of cash flows, capital market activities, and ETH price appreciation.

CEO Jonathan Bates said the placement will accelerate BitMine's treasury strategy following its initial treasury purchase on June 9, 2025. The company has partnered with FalconX, Kraken, and Galaxy Digital to develop its Ethereum treasury operations alongside existing custody partners BitGo and Fidelity Digital.

The company's treasury holdings are expected to increase by over 16 times following the transaction.