BitMine has completed a $250 million financing to increase its holdings of ETH as a core reserve asset.

On June 30, according to CNBC, BitMine Immersion Technologies (NYSE: BMNR) announced the completion of a $250 million private sale, issuing 55,555,556 shares at a price of $4.50 per share. The transaction was led by MOZAYYX, with participation from renowned investment firms such as Founders Fund and Pantera, and is expected to complete delivery around July 3, 2025. BitMine plans to use the raised funds primarily to increase its holdings in Ether (ETH), intending to make it a core reserve asset, while continuing to maintain its main business of Bitcoin mining. Fundstrat founder and Fundstrat Capital Chief Investment Officer Thomas Lee has immediately taken up the position of chairman of the company's board. This private issuance is conducted under Section 4(a)(2) and/or D regulations of the Securities Act, with ThinkEquity, LLC serving as the placement agent.