🚀 BitMine Stock Rockets 700% on $250M Ethereum Treasury Bet – Wall Street Left Scratching Heads

When traditional finance meets crypto, things get weird fast. BitMine just pulled off the ultimate power move—and the market's losing its mind.

The $250 Million Gamble That Paid Off

Forget boring bonds or gold. BitMine went all-in on Ethereum, stacking its treasury with ETH like a degenerate ape. The result? A stock price that mooned harder than most ICOs.

Wall Street's Existential Crisis

Analysts who spent years dismissing crypto now face an uncomfortable truth: that 700% surge isn't a glitch—it's the market voting with its wallet. (Cue the frantic Bloomberg Terminal searches for 'how to short ETH')

The New Rules of Corporate Finance

Treasury strategies used to mean playing it safe. Now? It's about which execs have the stones to HODL through 50% drawdowns. Spoiler: most CFOs still think 'gas fees' are what they pay at Chevron.

One thing's clear—when a single crypto move outpaces years of stock buybacks, maybe the suits should've spent less time mocking laser eyes and more time reading whitepapers.

Tom Lee Appointed Chairman At BitMine

Lee’s appointment comes alongside an ambitious plan to raise $250 million in a private placement aimed at implementing a strategy that positions Ethereum as the primary treasury reserve asset, while still maintaining its core Bitcoin mining operations.

This initiative reflects a growing trend within the financial services sector, where the convergence of traditional finance and cryptocurrency is gaining momentum, further highlighted by President Trump’s decision to establish a strategic crypto reserve. 

Lee highlighted this shift during an appearance on CNBC’s “Squawk Box,” stating, “The financial services industry and crypto are converging, and it really started with stablecoins.” 

Lee likened stablecoins to the “ChatGPT of crypto,” emphasizing their widespread adoption among consumers, businesses, and financial institutions, including major players like Visa. 

Interestingly, stablecoins have gained a major victory in Congress last week with the passage of the GENIUS Act which aims to provide a new regulatory framework for these crypto assets.

Transforming Into An Ethereum Treasury Powerhouse

According to Lee, Ethereum serves as the foundational architecture for stablecoins, making it crucial for BitMine to accumulate ETH in order to influence and secure its position within the network. 

The company’s strategy will include monitoring the value of Ethereum held per share as a key performance metric, akin to Strategy’s (previouisly MicroStrategy) well-known “BTC Yield” metric for Bitcoin. 

During his interview, Lee explained that BitMine plans to enhance the value of ETH per share through reinvestment of cash flows, capital market activities, and the appreciation of Ethereum itself.

As more companies explore treasury management strategies beyond Bitcoin, BitMine is not alone in its pivot. It joins other firms like SharpLink Gaming, which initiated its own Ethereum treasury strategy earlier this year, and DeFi Development, which is focusing on Solana. 

This announcement sparked a major surge for the Bitcoin mining company which started the day with a market capitalization of just $26 million. However, following Lee’s interview, the number skyrocketed beyond the $200 million mark.  

BitMine’s stock, trading under the ticker name BMNR, also saw a major surge on Monday closing the day at $33.90 per share. According to Yahoo Finance data, this means a nearly 700% surge for the mining firm’s shares. 

On the other hand, Ethereum has retraced 1% below the key $2,500 level in the 24-hour time frame to its current price of $2,470 per token.

Featured image from DALL-E, chart from TradingView.com