BitMine Immersion Technologies has raised 250 million USD through a private placement of 55,555,556 shares at 4.50 USD per share to establish an Ethereum treasury, marking a strategic shift from Bitcoin to Ethereum investments.
The funding round saw participation from notable investors like MOZAYYX and Pantera, indicating robust institutional interest. Thomas Lee, chairman of BitMine, anticipates substantial growth for Ethereum driven by increasing stablecoin transactions.
BitMine’s initiative aligns with a trend among corporations establishing Ethereum treasuries, as seen with SharpLink Gaming’s recent acquisition of 176,271 Ether for 463 million USD.
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