BitMine announced Monday it has signed and priced a $250 million private placement to support its strategy of adopting Ethereum (ETH) as the company’s primary treasury reserve asset.
The transaction involves the issuance of over 55 million shares of common stock at $4.50 per share, with funding sourced in both cash and cryptocurrency. Closing is expected around July 3, pending standard regulatory approvals, including a supplemental listing application with the NYSE American.
The capital raise was led by MOZAYYX and joined by a consortium of institutional and crypto-native investors, including Founders Fund, Pantera, Kraken, Galaxy Digital, and DCG. According to the company, it will use proceeds to acquire ETH and integrate it into BitMine’s treasury operations, enabling future participation in Ethereum-native activities such as staking and decentralized finance applications.
Ethereum to Anchor BitMine’s Financial Strategy
BitMine executives stated the treasury move will align the company with the broader adoption of Ethereum as a financial infrastructure. ETH, the native token of the Ethereum blockchain, underpins decentralized applications, stablecoin transactions, and smart contracts.
Thomas Lee, the company’s newly appointed board chairman, said Ethereum’s role in stablecoin transactions positions it to benefit from projected market growth. He cited remarks by Treasury Secretary Scott Bessent estimating that the stablecoin market could scale from $250 billion to $2 trillion. BitMine plans to track one of its key performance indicators (KPIs) by measuring ETH held per share.
CEO Jonathan Bates noted the deal follows BitMine’s initial ETH purchase on June 9 and that partnerships with FalconX, Kraken, and Galaxy Digital would support the development of a structured Ethereum treasury strategy. BitGo and Fidelity Digital remain the company’s existing custodians.
Legal and Regulatory Framework Outlined
The offering conducted under exemptions provided by the Securities Act of 1933 prohibits publicly traded shares unless registered. BitMine and participating investors also signed a registration rights agreement to facilitate future resale of shares.
ThinkEquity served as the placement agent. Legal counsel involved in the transaction included Winston & Strawn LLP for the lead investor and Greenberg Traurig LLP for the placement agent.
