BitMine raises $250M to launch Ethereum corporate treasury

BitMine Immersion Technologies raised $250 million through a private placement to establish an Ethereum treasury, signaling a shift away from its previous Bitcoin-centric approach.

Bitcoin miner BitMine Immersion Technologies has secured a $250 million private placement to jumpstart its Ether treasury.

BitMine signed a private placement for the purchase and sale of 55,555,556 shares of common stock for $4.50 per share, yielding gross proceeds of approximately $250 million before expenses, the company said in a Monday announcement.

MOZAYYX led the raise, with participation from Founders Fund, Pantera, FalconX, Republic Digital, Kraken, Galaxy Digital, DCG, Diametric Capital, Occam Crest Management and Thomas Lee. The transaction is expected to close on Thursday, provided that conditions, including the authorization of the Supplemental Listing Application by the NYSE American, are met.

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