BitMine announced Monday the successful pricing of a $250 million private placement** to advance its strategic adoption of **Ethereum (ETH)** as its primary treasury reserve asset. The transaction involves issuing **55 million shares** at **$4.50 per share, funded through a mix of cash and cryptocurrency. Expected closure around July 3, pending regulatory approvals, marks a pivotal step in BitMine’s financial evolution.
Key Transaction Details
- Funding Structure: Combination of cash and crypto.
- Investors: Led by MOZAYYX, with participation from Founders Fund, Pantera, Kraken, Galaxy Digital, and DCG.
- Use of Proceeds: ETH acquisition for treasury operations, enabling staking and DeFi integration.
👉 Explore Ethereum’s role in modern finance
Ethereum as a Treasury Anchor
BitMine’s shift to ETH aligns with Ethereum’s growing dominance in decentralized finance (DeFi) and stablecoin ecosystems.
- Thomas Lee (Board Chairman): Highlighted Ethereum’s potential amid projections of the stablecoin market scaling from $250B to $2T.
- CEO Jonathan Bates: Noted partnerships with FalconX, Kraken, and Galaxy Digital to refine treasury strategies. Existing custodians include BitGo and Fidelity Digital.
Strategic KPIs
- ETH held per share as a performance metric.
- Initial ETH purchase executed on June 9.
Legal Framework
- Securities Act Exemption: Shares remain unregistered for public trading.
- Registration Rights Agreement: Facilitates future resale.
- Advisors: ThinkEquity (placement agent), Winston & Strawn LLP (lead investor counsel), Greenberg Traurig LLP (agent counsel).
FAQs
Why is BitMine adopting ETH?
Ethereum’s infrastructure supports DeFi and stablecoins, positioning ETH as a strategic reserve asset amid market growth.
How will the $250M be used?
Funds will acquire ETH for treasury operations, enabling staking and participation in DeFi protocols.
Who are BitMine’s key partners?
Collaborations include Kraken, Galaxy Digital, and FalconX for custody and execution support.
👉 Discover more about crypto treasury strategies
Related Industry Moves
- Norway’s proposed 2025 ban on new crypto mining.
- Aurora Mobile’s 20% allocation to digital assets.
- Bitwise’s updated Dogecoin ETF filings.
BitMine’s treasury pivot underscores Ethereum’s institutional appeal, blending financial strategy with blockchain innovation.