BitMine Stock Jumps 400% as Firm Targets $250 Million ETH Treasury

- BitMine shifts focus to Ethereum with $250 million private placement. - BMNR shares surge 400%, aiming to become a top ETH holder. On June 30, 2025, The Block reported that BitMine Immersion Technologies is making a dramatic shift toward Ethereum dominance. The company launched a $250 million private placement that sent its stock price soaring 408%. This move marks a departure from BitMine's previous emphasis on Bitcoin, as the company now aims to establish itself as one of the largest publicly traded holders of Ether. The private placement involves selling 55.6 million shares at $4.50 each. BitMine will direct the proceeds toward acquiring Ethereum (ETH), which will expand the company’s crypto treasury by more than 16 times. Following the announcement, BMNR shares jumped over 400% to approximately $21.67. The company expects the transaction to close around July 3, 2025, pending approval from NYSE American. This strategic change is driven by the rapid growth of the stablecoin market, which operates predominantly on the Ethereum network and is projected to surpass $2 trillion by 2028. This growth creates substantial demand for ETH as a key infrastructure asset. Tom Lee, co-founder of Fundstrat and BitMine’s newly appointed board chair, emphasized Ethereum's central role in powering stablecoin transactions, describing ETH as a higher beta asset compared to Bitcoin. However, this move is not without challenges. The private placement will dilute existing shares, and BitMine faces competition in its bid to become a dominant ETH holder. Major competitors include SharpLink, an affiliate marketing firm with a significant ETH treasury, and the Ethereum Foundation. In addition, other companies, like Bit Digital, have also started to pivot their strategies to acquire more Ether, intensifying the race for corporate dominance in this emerging asset class. According to the latest market data, Ethereum (ETH) is trading at $2,484.21 as of June 30 at 17:15 UTC, with a 1.88% increase in 24-hour trading volume.