BitMine Stock Surges 3,000% After $250M Ethereum Treasury and Tom Lee Appointment

BitMine Immersion Technologies (BMNR) has dramatically shifted its corporate strategy to focus on building an Ethereum treasury, announcing a $250 million private placement to acquire ETH and naming Fundstrat strategist Tom Lee as its Chairman. This move, echoing MicroStrategy's Bitcoin strategy, has sent BitMine's stock soaring over 3,000% in a single week, with shares reaching intraday highs above $150. The fundraising attracted major crypto investors such as Pantera Capital, Galaxy Digital, Founders Fund, and Kraken, lending credibility to BitMine's Ethereum bet and signaling growing institutional interest in crypto treasury strategies. Lee has described Ethereum as the next Bitcoin and emphasized the increasing value of stablecoins on the Ethereum network, positioning BitMine as a key player in the evolving DeFi and blockchain infrastructure space. Despite the surge in stock price and enthusiasm, some analysts caution about volatility risks and note parallels with SharpLink Gaming, which experienced a rapid rise and subsequent steep decline after a similar Ethereum treasury approach. Overall, BitMine's pivot highlights a broader trend of public companies reshaping their balance sheets around major cryptocurrencies, especially Ethereum.