Bitcoin miner BitMine plans stock sale to build Ethereum holdings
BitMine to raise $250M for Ethereum treasury
BitMine, a U.S.-based Bitcoin mining company, has announced a bold pivot toward Ethereum with the launch of a $250 million private placement.
The capital will be used to build an Ethereum-focused treasury, echoing a strategy similar to Strategy’s high-profile Bitcoin accumulation model.
According to a press release, BitMine will raise funds through the sale of over 55 million shares of common stock at $4.50 per share. The move marks a strategic shift from Bitcoin mining toward positioning Ethereum as a long-term store of value on the company's balance sheet.
The announcement coincides with the appointment of Fundstrat co-founder Tom Lee as Chairman of the Board, signaling institutional confidence in BitMine’s direction. Lee, a long-time crypto bull, brings significant market insight and credibility to the company’s new focus.
Ethereum as a treasury asset
BitMine’s plan to become the “Strategy of Ethereum” reflects growing sentiment that Ethereum’s broad utility and transition to proof-of-stake make it an attractive asset for treasury strategies. Ethereum powers a wide range of blockchain applications, from DeFi and NFTs to tokenization and enterprise solutions, and is increasingly seen as foundational to digital infrastructure.
With this capital raise, BitMine intends to purchase and hold ETH, shifting away from its original mining-centric model. The company’s strategy highlights a notable evolution in how crypto firms manage their financial reserves, aligning with broader market trends favoring Ethereum as a long-term investment.
Market outlook and implications
The success of this capital raise could influence other firms to adopt similar Ethereum-based treasury models. It also represents a key step in Ethereum’s maturity as not only a utility protocol but also a viable balance sheet asset for public companies.
The editorial informed earlier crypto investors rotate funds from Solana to Ethereum during correction.
