BitMine Immersion Technologies’ stock price soared over 1,900% within days, closing at $135 after a remarkable 130% single-day gain.
The cryptocurrency miner announced a landmark $250 million private placement with participation from high-profile investors including Peter Thiel’s Founders Fund, Pantera Capital, FalconX, and Digital.
Company leadership signaled strong confidence in Ethereum’s prospects, with newly appointed board chair Tom Lee specifically citing anticipated demand growth stemming from stablecoin regulatory developments.
The private placement involved selling 55 million shares at $4.50 each, creating a significant valuation divergence due to BitMine’s limited public float of 1.4 million shares.
This surge presents a stark contrast to firms like SharpLink Gaming and Upexi, which saw share price declines following recent SEC filings.