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Investing.com -- BitMine Immersion (NASDAQ:IMMR) Technologies (NYSE AMERICAN:BMNR) stock soared 180% after announcing a $250 million private placement to implement an Ethereum treasury strategy that would make it one of the largest publicly traded ETH holders.
The private placement involves the sale of 55,555,556 shares of common stock at $4.50 per share, with expected gross proceeds of approximately $250 million. The transaction was led by MOZAYYX with participation from several high-profile investors including Founders Fund, Pantera, FalconX, Republic Digital, Kraken, Galaxy Digital (TSX:GLXY), and DCG.
The company plans to use the net proceeds to acquire Ethereum’s native cryptocurrency (ETH) as its primary treasury reserve asset. The closing of the offering is expected to occur on or about July 3, 2025, subject to customary closing conditions.
As part of the announcement, Thomas (Tom) Lee, Founder of Fundstrat and CIO of Fundstrat Capital, has been appointed Chairman of the Board of Directors effective immediately. Lee noted that the transaction includes investors from both traditional finance and crypto venture capital, reflecting "the rapid and continued convergence of traditional financial services and crypto."
BitMine CEO Jonathan Bates said the private placement will significantly accelerate the company’s treasury holdings shortly after its first treasury purchase on June 9, 2025. The company plans to partner with FalconX, Kraken, and Galaxy Digital to develop its Ethereum treasury strategy alongside existing custody partners BitGo and Fidelity Digital.
According to the company, a key performance metric going forward will be increasing the value of ETH held per share, which it aims to achieve through reinvestment of cash flows, capital markets activities, and changes in ETH value.
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