BitMine (BMNR) Stock Soars As It Pivots To Ethereum Treasury, Appoints Tom Lee Chairman

BitMine Immersion Technologies Inc BMNR stock is continuing its upward momentum Tuesday, with shares climbing again following a massive rally on Monday. The surge comes on the heels of major strategic announcements that have investors buzzing.

What To Know: On Monday, the Bitcoin BTC/USD miner announced the pricing of a private placement, expecting to raise approximately $250 million. The company is selling over 55.5 million shares at $4.50 each in a deal led by MOZAYYX and including prominent investors like Founders Fund, Pantera and Kraken.

The capital raised is earmarked for a bold new corporate direction: an Ethereum ETH/USD treasury strategy. BitMine intends to use the net proceeds to acquire ETH, making it the company’s primary treasury reserve asset. The company says this move will enhance its existing treasury holdings by more than sixteen-fold.

Adding to the bullish sentiment, Fundstrat’s co-founder, Tom Lee, has been appointed as the new Chairman of the Board. Lee expressed strong confidence in the strategy, stating, “Stablecoins have proven to be the ‘chatGPT’ of crypto… Ethereum is the blockchain where the majority of stablecoin payments are transacted and thus, ETH should benefit from this growth.”

The company’s key performance metric will now be focused on increasing the value of ETH held per share. The private placement is expected to close on or about July 3.

Price Action: According to data from Benzinga Pro, BMNR shares are trading higher by 103% to $68.01. BMNR has a 52-week high of $70.73 and a 52-week low of $1.93.

Read Also: Ethereum The Next Big Thing In Banking? Tom Lee Thinks So And Wants This Small-Cap Company He Chairs To Front-Run The Likes Of Goldman Sachs, JPMorgan

How To Buy BMNR Stock

Besides going to a brokerage platform to purchase a share – or fractional share – of stock, you can also gain access to shares either by buying an exchange traded fund (ETF) that holds the stock itself, or by allocating yourself to a strategy in your 401(k) that would seek to acquire shares in a mutual fund or other instrument.

For example, in BitMine Immersion’s case, it is in the Information Technology sector. An ETF will likely hold shares in many liquid and large companies that help track that sector, allowing an investor to gain exposure to the trends within that segment.

Image: Shutterstock