BitMine Immersion Technologies has raised $250 million in a private placement to establish a corporate Ethereum treasury, signaling a significant shift from its previous Bitcoin-focused approach. According to its June 30 announcement, the company sold 55,555,556 shares of common stock at $4.50 per share.
The funding round, led by investment firm MOZAYYX, drew participation from major players in traditional finance and the crypto sector. These include Founders Fund, Pantera Capital, FalconX, Republic Digital, Kraken Ventures, Galaxy Digital, Digital Currency Group (DCG), Diametric Capital, and Occam Crest Management.
The transaction is expected to close around July 3, pending regulatory approvals such as the NYSE American’s authorization of the Supplemental Listing Application. BitMine plans to deploy the raised funds to acquire Ether (ETH), support staking operations, and engage in decentralized finance (DeFi) activities.
BitMine intends to accelerate its Ethereum treasury strategy following its initial ETH purchase on June 9, 2025. CEO Jonathan Bates confirmed that the firm aims to increase its ETH holdings by over 16 times, which would position it among the top publicly traded holders of Ethereum.
Strategic partners such as FalconX, Kraken, and Galaxy Digital will assist BitMine in expanding its Ethereum treasury infrastructure. The company has also named Bitgo and Fidelity Digital as its custody partners. The goal is to build a globally recognized ETH-based reserve model suited to the growing importance of smart contract ecosystems.
BitMine Chairman Thomas Lee emphasized that Ethereum’s central role in stablecoin transactions makes it a valuable long-term treasury asset. He stated, “Ethereum is the blockchain where the majority of stablecoin payments are transacted […] and thus, ETH should benefit from this growth.”
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The announcement of BitMine is part of the broader public industry trend of investing in Ethereum treasuries. In June, earlier in the month, SharpLink Gaming acquired 176,271 ETH worth $463 million, becoming the largest publicly-traded owner of Ethereum.
Ethereum co-founder Joseph Lubin was also named chairman of the SharpLink board, which highlights the company's long-term ETH-based strategy. The company has stated that it will grow its treasury to 1 billion Ether, further validating how Ethereum is becoming the reserve asset of choice among corporations.
Meanwhile, BitMine’s pivot aligns with a wider shift in corporate digital asset strategies. Firms like Bit Digital are also restructuring their operations to focus on Ethereum. Bit Digital recently announced plans to exit Bitcoin mining and shift funds toward acquiring ETH.
These trends show Ethereum's growing role in corporate treasury planning, especially due to its use in stablecoin transfers and smart contracts.