Why Shares of Bitmine Immersion Technologies Are Skyrocketing Today
Following Strategy's playbook
Bitmine announced yesterday that it had raised $250 million in a private placement offering that it will use to purchase Ethereum, following a similar strategy initially implemented by Strategy (formerly MicroStrategy) with Bitcoin. The transaction was led by MOZAYYX and also included participation from the Founders Fund, Pantera, FalconX, Republic Digital, Kraken, Galaxy Digital, DCG, Diametric Capital, Occam Crest Management, and Thomas Lee, the founder of Fundstrat and a contributor on CNBC.
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Bitmine also announced that Lee is now chairman of Bitmine's board of directors. Lee is an influential Wall Street strategist and has become famous for his bullish calls on the stock market over the last few years. Lee and Fundstrat are also big fans of Bitcoin.
On CNBC yesterday, Lee said Ethereum could essentially become the next Bitcoin, primarily because of its importance to the burgeoning stablecoin business, which many experts including U.S. Treasury Secretary Scott Bessent believe is poised for massive growth. A significant portion of fees generated on Ethereum's blockchain already come from stablecoins.
Be prepared for volatility
Since the announcement of the private placement and Lee becoming chairman, Bitmine's stock has already rocketed 1,048%. While I am long-term bullish on Ethereum and understand Lee's argument for the world's second-largest cryptocurrency, I find these crypto-treasury vehicles too risky and volatile for retail investors. If you like Ethereum, simply buy Ethereum.
Should you invest $1,000 in Bitmine Immersion Technologies right now?
Before you buy stock in Bitmine Immersion Technologies, consider this:
The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Bitmine Immersion Technologies wasn't one of them. The 10 stocks that made the cut could produce monster returns in the coming years.
Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you'd have $722,181!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you'd have $968,402!*
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*Stock Advisor returns as of June 30, 2025
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