BitMine Stock Spikes 400% as Bitcoin Miner Raises $250 Million for Ethereum Treasury
Summary
Shares of BitMine Immersion Technologies surged over 400% after raising $250 million through private placement to establish an Ethereum treasury. Notable crypto firms such as Founders Fund, Pantera, Galaxy Digital, and Kraken participated. Tom Lee, co-founder of Fundstrat, was appointed Chairman of the Board. The placement involved selling over 55 million shares at $4.50 each, with proceeds directed towards Ethereum-related activities like DeFi, staking, and stablecoins. BitMine aims to increase ETH value per share through reinvestment and capital market activities. Shares rose from $4.26 to $23.35 following the announcement.
