BitMine Stock Surges 400% After $250M Ethereum Treasury Raise, Tom Lee Joins Board

BitMine Immersion Technologies experienced a surge in shares of over 400% after securing $250 million through a private placement to establish an Ethereum treasury, positioning the company among the largest publicly traded holders of ETH. The financing round attracted prominent investors from both traditional finance and crypto venture capital, including Founders Fund, Pantera Capital, Galaxy Digital, Kraken, and Republic Digital. As part of this strategic pivot, BitMine appointed Wall Street veteran Tom Lee, co-founder of Fundstrat, as Chairman, who emphasized the growing convergence of traditional finance and crypto, citing Ethereum's advantages in DeFi, staking, and stablecoin transactions. Lee highlighted stablecoins as a transformative technology in crypto, likening their impact to ChatGPT in AI, and noted that Ethereum hosts the majority of stablecoin payments. This move reflects a broader trend where publicly traded companies are adopting Ethereum treasuries, following the success of Bitcoin treasury models like Michael Saylor's Strategy, aiming to increase Ether holdings per share through capital market activities and reinvestment. BitMine’s shift underscores the expanding role of Ethereum's protocol-level features in corporate treasury strategies and signals increased institutional interest in onchain financial infrastructure.