Latest news with #BitMineImmersionTechnologies
Yahoo
a day ago
- Business
- Yahoo
BitMine Immersion Stock Triples as It Raises $250M for Ether Treasury, Adds Thomas Lee to Board
BitMine Immersion Technologies (BMNR) has secured $250 million via a private placement of common stock and will use the funds to launch an ether (ETH) treasury. When the deal closes, expected July 3, the Las Vegas-based miner said it will rank among the largest publicly traded holders of ETH. The financing, priced at $4.50 a share, brought together investors including Founders Fund, Pantera Capital, Kraken, Galaxy Digital and Republic. Cantor Fitzgerald advised lead investor MOZAYYX, while ThinkEquity placed the deal. BitMine justified its choice of ether as a primary reserve asset saying Ethereum currently leads in stablecoin payments, tokenized assets, and decentralized financial applications. 'By having a direcT ETH treasury position, the company has access to native protocol-level activities, such as staking and decentralized finance mechanisms, on the Ethereum network,' the company wrote. The move also reshapes BitMine's leadership. Fundstrat founder Thomas Lee, long known on Wall Street for his crypto research and bullishness, was newly appointed Chairman of the Board of Directors. Lee said the round reflects 'the rapid and continued convergence of traditional financial services and crypto' and set a new key performance metric for the company: ether per share. SharpLink Gaming (SBET) is one of the few other publicly traded companies creating and ether treasury, having recently boosted it to 188,478 ETH. Most other companies creating crypto treasuries focus on bitcoin (BTC). BitMine's shares have more than tripled in premarket action to nearly $14. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Arabian Post
a day ago
- Business
- Arabian Post
BitMine Bets Big on Ethereum with $250m Treasury Deal
BitMine Immersion Technologies has unveiled a $250 million private placement of common stock to underwrite an ambitious Ethereum treasury initiative, alongside a high-profile board shift. CEO Jonathan Bates and newly appointed Chairman Thomas Lee, the Fundstrat founder, revealed that the move will dramatically reshape the company's balance sheet and strategic direction. This offering encompasses 55.6 million shares at $4.50 each, the proceeds earmarked for acquiring Ether as BitMine's principal reserve asset. Supported by leading crypto firms including FalconX, Kraken, Galaxy Digital and custody providers BitGo and Fidelity Digital, the strategy seeks to transform BitMine into one of the largest publicly traded holders of Ethereum. Driven by MOZAYYX with participation from Founders Fund, Pantera Capital, Republic Digital, DCG and others, the placement is scheduled to close around July 3, pending approval from the NYSE American. ThinkEquity acted as placement agent, and Cantor Fitzgerald advised the lead investor. ADVERTISEMENT Thomas Lee emphasised that this marks 'the rapid and continued convergence of traditional financial services and crypto,' noting that Ethereum's dominance in stablecoin transactions makes it an optimal treasury asset. He described stablecoins as 'the 'chatGPT' of crypto,' underlining Ethereum's strategic importance. BitMine's pivot offers direct access to Ethereum's protocol-level capabilities—staking and participation in decentralised finance mechanisms—shifting the firm beyond its origins as a pure-play miner. Market reaction has been enthusiastic: BitMine's stock surged over 200% in pre-market trading, carefully erasing what had been a roughly 45% year-to‑date decline. reports volatility in its share price over recent months and warns that gross margins remain subdued, hovering at approximately 16.4%. BitMine has already embarked on its crypto treasury plan, acquiring 100 BTC on 9 June and bringing its total bitcoin holdings to about 154.17 BTC purchased via a previous share issue. The Ethereum tranche will amplify crypto exposure—treasury levels are expected to multiply by over 16 times. The firm aims to introduce ETH‑per‑share as a new key performance metric, aligning shareholder value directly with crypto asset holdings. The strategy reflects a belief in Ethereum's broader technology utility—particularly through stablecoins, tokenised assets and smart contracts that underpin DeFi activities. Officials caution that this strategy brings heightened volatility and regulatory risk. However, BitMine's leadership sees this as a strategic diversification from Bitcoin‑centric holdings, moving towards programmable blockchain exposure. Their operational footprint—in Trinidad, Texas and Silverton—continues, but the treasury pivot signals a profound evolution. The closing of this placement, conditional on standard regulatory approvals, will signal BitMine's entry into a new class of hybrid crypto‑traditional finance entities. With institutional backing and strategic leadership in boardroom and treasury, the company is redefining its public profile.
CNBC
a day ago
- Business
- CNBC
Wall Street strategist Tom Lee is aiming to create the MicroStrategy of Ethereum
Fundstrat's Tom Lee is joining a little known bitcoin miner aiming to become the biggest publicly traded holder of ether. Lee, a high-profile market strategist known for his prescient bitcoin price forecasts and stock predictions, has been appointed chairman of the board of directors of BitMine Immersion Technologies, effective Monday. The company also announced a $250 million private placement to implement a buying strategy around ether, which it aims to make its primary treasury reserve asset while continuing with its core bitcoin mining business. Lee's appointment comes amid a groundswell of interest around stablecoins following the successful IPO of stablecoin issuer Circle at the beginning of the month and positive momentum pushing potential stablecoin legislation through Congress. "Stablecoins have proven to be the 'ChatGPT' of crypto, leading to rapid adoption by consumers, merchants and financial services providers," Lee said in a statement. "Ethereum is the blockchain where the majority of stablecoin payments are transacted … and thus, ETH should benefit from this growth." The company will monitor the value of ether held per company share as a key performance metric going forward, Lee added, similar to MicroStrategy's bitcoin-per-share metric "BTC Yield." BitMine can increase the value of ETH held per share "by a combination of reinvestment of the company's cash flows, capital markets activities, and by the change in value of ETH," according to the company. Companies are increasingly looking past bitcoin for crypto treasury management strategies. BitMine joins the publicly listed betting platform SharpLink Gaming, which initiated an ether treasury strategy in May and appointed Ethereum co-founder Joseph Lubin as chairman of its board of directors. DeFi Development is focused on a similar strategy for the Solana token. Ahead of this transaction, Bitmine Immersion had a very tiny market value of just $26 million with lightly traded shares that were down 45% on the year.
Business Upturn
19-05-2025
- Business
- Business Upturn
BitMine Launches Bitcoin Treasury Advisory Practice and Enters into $4M Transaction with First BTC Treasury Advisory Client
LAS VEGAS, May 19, 2025 (GLOBE NEWSWIRE) — BitMine Immersion Technologies, Inc. (OTCQX: BMNRD) today announced the launch of its Bitcoin Treasury Advisory Practice, alongside a $4 million strategic transaction with a U.S. exchange-listed company. BitMine is offering 'Mining as a Service,' or MaaS, to the strategic partner and plans to offer MaaS to companies that own Bitcoin and wish to add Bitcoin denominated revenue, in addition to Bitcoin, as a core treasury holding. Upon closing of the strategic agreement, BitMine will lease 3,000 Bitcoin ASIC miners to the client through December 30, 2025, for $3.2 million, with $1.6 million paid upfront. The client has also engaged BitMine for an $800,000 consulting agreement for one year, focused on Bitcoin Mining-as-a-Service and Bitcoin Treasury Strategy. This marks the first client for BitMine's new advisory business, which supports public companies with Bitcoin-based revenue strategies, GAAP accounting insights, custody solutions, and BTC/USD hedging. 'Currently, there are almost 100 public companies that have adopted Bitcoin as a treasury holding. We expect this number to grow in the future. As more companies adopt Bitcoin treasury strategies, the need for infrastructure, revenue generation, and expert guidance grows along with it,' said Jonathan Bates, CEO of BitMine. 'This single transaction is greater than our entire 2024 fiscal year revenue, and we feel there is an opportunity to acquire more clients in the near future as interest in Bitcoin ownership grows.' About BitMine Immersion Technologies, Inc. BitMine is a Bitcoin Network Company, with a focus on Bitcoin mining, Synthetic Bitcoin Mining through involvement in Bitcoin mining hashrate as a financial product, offering advisory and mining services to companies interested in earning Bitcoin denominated revenues, and general Bitcoin advisory to public companies. BitMine's operations are located in low-cost energy regions in Trinidad; Pecos, Texas; and Silverton, Texas. Forward-Looking Statements: This press release contains statements that constitute 'forward-looking statements.' The statements in this press release that are not purely historical are forward-looking statements which involve risks and uncertainties. This document specifically contains forward-looking statements regarding expected revenue from strategic transactions and future business opportunities. In evaluating these forward-looking statements, you should consider various factors, including: our ability to keep pace with new technology and changing market needs; our ability to finance our current business and proposed future business; and the competitive environment of our business. Actual future performance outcomes and results may differ materially from those expressed in forward-looking statements. Forward-looking statements are subject to numerous conditions, many of which are beyond BitMine's control, including those set forth in the Risk Factors section of BitMine's Annual Report on Form 10-K/A filed with the Securities and Exchange Commission (the 'SEC') on April 3, 2025, and its Quarterly Report on Form 10-Q filed with the SEC on April 14, 2025, and all other SEC filings, as amended or updated from time to time. Copies of BitMine's filings with the SEC are available on the SEC's website at BitMine undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law. BitMine Immersion Technologies Contact: Jonathan Bates, Chairman and CEO [email protected] Disclaimer: The above press release comes to you under an arrangement with GlobeNewswire. Business Upturn takes no editorial responsibility for the same.
