BitMine Soars on $250M Ethereum Treasury Pivot

BitMine Immersion Technologies' stock soared dramatically after the company announced a $250 million private placement to build one of the largest corporate Ethereum treasuries, with backing from major investors like Founders Fund and Pantera Capital. The move highlights a strategic pivot from Bitcoin-centric treasury strategies toward Ethereum, reflecting its rising institutional appeal and the broader momentum in cryptocurrency markets. BitMine’s latest SEC filings show expanding revenues from mining, consulting, and leasing, alongside the launch of a Mining-as-a-Service business model, but also increased operating losses and expenses. The announcement triggered a surge in BitMine’s stock, similar to speculative run-ups seen with other ETH treasury firms, prompting caution about sustainability. Meanwhile, both Bitcoin and Ethereum are benefiting from improved macroeconomic conditions, institutional adoption, and regulatory clarity. Bitcoin remains supported by U.S. economic growth forecasts and potential Fed rate cuts, but recently struggled to hold above $110,000.