Tom Lee joins BitMine's board and aims to become largest publicly traded Ethereum holder.

Tom Lee joins BitMine's board and aims to become largest publicly traded Ethereum holder.

BitMine Immersion Technologies has secured a $250 million private placement to fund its Ethereum treasury, according to an announcement made on June 30, 2025. The investment, led by MOZAYYX with participation from Founders Fund, Pantera, FalconX, Republic Digital, Kraken, Galaxy Digital, DCG, Diametric Capital, Occam Crest Management, and Thomas Lee, will see the company purchase and sell 55,555,556 shares of common stock at $4.50 per share, yielding gross proceeds of approximately $250 million before expenses [1].

The private placement will enable BitMine to adopt Ethereum (ETH) as its primary treasury reserve asset, marking a significant shift from its previous focus on Bitcoin (BTC). Thomas Lee, the newly appointed Chairman of the Board of Directors, believes that stablecoins are the "ChatGPT" of crypto, driving rapid adoption and growth. He expects Ether (ETH) to benefit from this trend, given that it is the blockchain where the majority of stablecoin payments are transacted [1].

This move follows a series of recent corporate treasury shifts towards Ethereum. In late May, sports betting platform SharpLink Gaming acquired 176,271 Ether for $463 million, becoming the world's largest publicly traded holder of ETH [1]. BitMine's announcement comes as a response to this trend and aims to position the company as a major player in the Ethereum ecosystem.

The transaction is expected to close on July 3, 2025, subject to customary closing conditions, including the authorization of the Supplemental Listing Application by the NYSE American [1]. Upon closing, BitMine will have increased its treasury holdings by over 16x, with ETH serving as its primary reserve asset.

BitMine's new focus on Ethereum is part of a broader trend in the crypto industry, where companies are diversifying their treasury strategies to capitalize on the growth and adoption of various blockchain technologies. This shift is driven by the increasing importance of stablecoins and the potential for ETH to benefit from their widespread use.

References:
[1] https://cointelegraph.com/news/bitmine-receives-250m-investment-to-fund-its-ethereum-treasury