Claim BonusBreaking: Tom Lee’s BitMine To Raise $250 Million For Ethereum Treasury
Highlights
- BitMine has announced a $250 million private placement for its Ethereum-focused treasury.
- FundStrat's Tom Lee will become the Board Chairman as part of this Ethereum strategy.
- Investors like Kraken and Galaxy Digital participated in the private placement.
Bitcoin Miner BitMine is forging ahead with plans to become the MicroStrategy of Ethereum. The company announced that it plans to raise $250 million for its Ethereum-focused treasury, while Fundstrat’s Tom Lee will become the Board Chairman with immediate effect.
BitMine Finalizes Capital Raise For Ethereum Treasury
In a press release, the Bitcoin miner announced that a proposed $250 million private placement for the purchase and sale of just over 55 million shares of common stock at the price of $4.50 per share. BitMine plans to use these funds to implement an Ethereum treasury strategy.
The private placement was led by MOZAYYX and involved participation from investors like Founders Fund, Pantera, FalconX, Galaxy, Digital, Republic Digital, Tom Lee, and top crypto exchange Kraken.
BitMine stated that the closing of the private placement is likely to occur on or about July 3, 2025, subject to fulfillment of customary closing conditions. The company reiterated that it intends to use the net proceeds from the offering to acquire ETH and contribute to its treasury operations.
Ethereum will serve as the company’s primary treasury reserve asset. Furthermore, the company also announced that Thomas “Tom” Lee will serve as Chairman of the Board of Directors, effective today.
Commenting on BitMine’s move to create an Ethereum treasury, Tom Lee said,
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.
Meanwhile, the company plans to use its ETH holdings to access native protocol activities, including staking and decentralized finance mechanisms on the Ethereum network. Tom Lee also explained why the company chose to adopt Ethereum instead of any other crypto assets.
The BitMine chairman noted that “Stablecoins have proven to be the ‘chatGPT’ of crypto” and that Treasury Secretary Scott Bessent predicts that the stablecoin industry could reach $2 trillion. Lee remarked that Ethereum is where the majority of stablecoin payments are transacted, and so, ETH should benefit from this growth.
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Delivered every day.
- Insights that move markets
- 100,000 active subscribers
Related Articles
- XRP News: Ripple Taps Zand Bank to Boost RLUSD Stablecoin Use in UAE
- BitMine Keeps Buying Ethereum With New $84M Purchase Despite $8B Paper Losses
- Polymarket Sues Massachusetts Amid Prediction Market Crackdown
- CLARITY Act: Bessent Slams Coinbase CEO, Calls for Compromise in White House Meeting Today
- Crypto Traders Reduce Fed Rate Cut Expectations Even as Expert Calls Fed Chair Nominee Kevin Warsh ‘Dovish’
- XRP Price Prediction Ahead of White House Meeting That Could Fuel Clarity Act Hopes
- Cardano Price Prediction as Bitcoin Stuggles Around $70k
- Bitcoin Price at Risk of Falling to $60k as Goldman Sachs Issues Major Warning on US Stocks
- Pi Network Price Outlook Ahead of This Week’s 82M Token Unlock: What’s Next for Pi?
- Bitcoin and XRP Price Prediction as China Calls on Banks to Sell US Treasuries
- Ethereum Price Prediction Ahead of Feb 10 White House Stablecoin Meeting
