BitMine raises $250 million to increase holdings of ETH as core reserve asset

On June 30th, according to CNBC, BitMine Immersion Technologies (stock exchange code: BMNR) announced the completion of a $250 million large private placement, issuing 55555556 shares at a price of $4.50 per share. The transaction is led by MOZAYYX and involves well-known investment institutions such as Founders Fund and Pantera. It is expected to be completed around July 3, 2025. BitMine plans to raise funds primarily to increase its holdings of Ethereum (ETH) as a core reserve asset, while continuing to maintain its main business of Bitcoin mining. Thomas Lee, founder of Fundstrat and Chief Investment Officer of Fundstrat Capital, has been appointed as the Chairman of the Board of Directors of the company with immediate effect. This private placement is conducted in accordance with Article 4 (a) (2) of the Securities Law and/or Regulation D, with ThinkEquity, LLC serving as the placement agent.