BitMine Immersion Technologies has secured $250 million in a private placement, issuing 55,555,556 shares priced at $4.50 each. The funding round was led by MOZAYYX with participation from prominent investors including Founders Fund, Pantera Capital, and Galaxy Digital.
This capital raise is anticipated to fuel BitMine’s potential expansion into Ethereum treasury holdings, marking a significant pivot away from its previous Bitcoin-centric investment strategy.
The company’s evolving stance underscores recognition of Ethereum’s expanding utility, particularly within areas such as stablecoins and decentralized finance (DeFi), reflecting broader industry realignment.
This strategic shift aligns with actions by other public companies. SharpLink Gaming cemented its position as the largest publicly traded Ethereum holder after acquiring over 176,000 ETH valued at approximately $463 million.
Similarly, Bit Digital revealed plans to reduce Bitcoin holdings in favor of Ethereum, highlighting a maturing cryptocurrency market that increasingly prioritizes diversification and Ethereum’s practical applications.
The funding round signals growing corporate confidence in Ethereum’s network utility. BitMine’s treasury expansion plan remains subject to pending regulatory approval by the NYSE American.