Bitcoin mining company BitMine Immersion Technologies has raised $250 million through private placement financing to launch its Ethereum treasury.
BitMine has signed a private placement agreement to purchase and sell 55,555,556 shares of common stock at a price of $4.50 per share, the company announced on Monday, stating that the total fundraising amount for this transaction is approximately $250 million (excluding fees).
This round of financing is led by MOZAYYX, 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 be completed on Thursday, provided that conditions such as the approval of the supplementary listing application by NYSE American are met.
BitMine Chairman Thomas Lee stated that stablecoins are the "ChatGPT of the crypto space," and he expects Ethereum (ETH) to appreciate due to the popularity of stablecoins. "Ethereum is the blockchain where most stablecoin payments occur, so ETH should benefit from this growth," he said.
BitMine's announcement follows a series of initiatives by publicly listed companies to establish Ethereum treasuries recently. A few weeks ago, sports betting platform SharpLink Gaming acquired 176,271 Ethereum for $463 million, making it the largest publicly listed ETH holder in the world.
Previously, SharpLink had launched its Ethereum treasury at the end of May. The company also nominated Ethereum co-founder Joseph Lubin to serve as chairman of the board.
This announcement indicates that BitMine, which has a Bitcoin (BTC) themed logo, is at least partially shifting towards Ethereum. Until this month, the company's treasury strategy had focused on accumulating Bitcoin.
The description of the company in the announcement states: "BitMine is a Bitcoin and Ethereum network company focused on the long-term accumulation of cryptocurrency assets." According to data from BitcoinTreasuries.NET, BitMine currently holds 154 Bitcoins, valued at approximately $17 million, making it the 62nd largest corporate Bitcoin treasury.
BitMine is not the only company undergoing a transformation. Last week, crypto mining company Bit Digital announced plans to gradually shut down or sell its Bitcoin mining infrastructure and use the proceeds to purchase more Ethereum, resulting in a nearly 4% drop in its stock price. Over the next five days, the stock price fell nearly 19%, with a 15% drop within 24 hours.
Related: Iranian cryptocurrency exchange Nobitex, which was hacked, is gradually restoring services.
Original article: “BitMine raises $250 million to launch Ethereum (ETC) corporate treasury”
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