Bitcoin Firm BitMine’s Stock Surges Almost 700% on ETH Treasury Plan – Crypto News – Crypto News
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Bitcoin Firm BitMine's Stock Surges Almost 700% on ETH Treasury Plan Bitcoin Firm BitMine's Stock Surges Almost 700% on ETH Treasury Plan

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Bitcoin Firm BitMine’s Stock Surges Almost 700% on ETH Treasury Plan – Crypto News

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The Bitcoin mining-focused company is now turning to Ethereum as a treasury asset.

BitMine Immersion Technologies, known for focusing on Bitcoin network activities, announced plans to hold Ethereum (ETH) as its main treasury reserve asset, sending its shares 694% yesterday, according to Yahoo Finance data.

BitMine’s stock price on June 30. Source: Yahoo Finance

In an announcement yesterday, June 30, the public company said it had raised $250 million in a private share sale, aiming to use the proceeds to buy ETH. The funding round was led by MOZAYYX and included investors like Founders Fund, Pantera, FalconX, Republic Digital, Kraken, Galaxy Digital, DCG, Diametric Capital, and others.

As of today, BitMine stock is up 85%, trading near $62. Except for a small bump to $19 in June, shares have been trading between $5-$10 for the past year, prior to yesterday’s announcement.

As part of the shift, Thomas Lee, head of research of Fundstrat and a well-known Bitcoin bull who has predicted BTC could reach $500,000 by 2030, was named chairman of BitMine’s board. The deal is expected to close around July 3, pending approvals.
Citing the growth of stablecoins as a main driver behind the firm’s pivot to Ethereum, Lee said in the press release, “Ethereum is the blockchain where the majority of stablecoin payments are transacted […] and thus, ETH should benefit from this growth.”

With an Ethereum treasury strategy underway, BitMine said it plans to increase its existing treasury holdings by over 16x. The firm made its first ETH purchase on June 9 but has not disclosed the amount. The Ethereum will be held in treasury and may be used for staking and other DeFi activities, per the press release.

Ethereum’s Corporate Treasury Wave

Few other public companies have announced dedicated Ethereum treasury plans so far. The most notable to do so is SharpLink Gaming, an online performance marketing company, which became an ETH treasury firm in late May and has purchased a total of 198,167 ETH for its reserve, per a statement today, July 1. SharpLink said in today’s statement that 100% of its ETH holdings are staked, as of June 30.

Consensys led SharpLink’s ETH investment pivot, with its CEO and Ethereum co-founder Joseph Lubin also becoming chairman of the company’s board. Other backers included ParaFi Capital, Electric Capital, Pantera Capital, and Galaxy Digital.

Another recent player is Entreparticuliers, a small publicly traded French real estate company that bought €1 million in ETH in May and says it plans to raise up to €150 million more. The firm’s shares jumped over 800% after the announcement.

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