Tom Lee’s BitMine Sells Stock at $70 to Raise Additional $365M for ETH Treasury

BitMine makes bold $365M ETH treasury bet as traditional finance scrambles to catch up.

Funding the Future

Tom Lee's cryptocurrency mining firm just sold shares at $70 apiece - pouring every cent of that $365 million directly into Ethereum reserves. While Wall Street analysts debate quarterly projections, BitMine's moving nine figures into decentralized infrastructure.

Treasury Strategy

The move signals institutional confidence in ETH's long-term value proposition. Unlike traditional corporate treasuries stacking cash equivalents, BitMine's betting on smart contract platforms outperforming fiat-denominated assets.

Market Positioning

This isn't diversification - it's conviction. While legacy finance institutions still treat crypto allocations like speculative side bets, BitMine's building its foundation on blockchain-native assets. The $365 million injection represents one of the largest corporate ETH acquisitions this year.

Because nothing says 'bullish' like converting traditional equity directly into crypto reserves - while bankers still debate whether blockchain is a passing trend.

Raising funds to grow the treasury

A few hours later, BitMine announced a securities purchase agreement with an institutional investor covering 5.2 million shares of common stock at $70 per share — about 14% above its Sept. 19 close — along with warrants for up to 10.4 million additional shares at $87.50.

The offering is expected to raise $365 million in gross proceeds, with the warrants potentially adding another $913 million, bringing total potential proceeds to about $1.28 billion.

Lee said the primary use of funds WOULD be to expand BitMine’s ether holdings, calling the premium pricing “materially accretive” to existing shareholders.

BitMine added that institutional demand reflected growing interest in ethereum as Wall Street integrates blockchain into financial infrastructure.

As of 11:13 a.m. ET, BMNR shares were trading around $55.79, down 9% on the day, according to Google Finance.