Bitmine Immersion Technologies, Inc. (NYSE: BMNR) extended its sharp upward momentum for a third consecutive session on Wednesday, with shares climbing 27.17% to close at $58.50. This marks a staggering 1,239% gain over the past five trading days.
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Stock Soars Amid Treasury Shift
The rally was ignited by BitMine’s announcement earlier this week regarding the adoption of an Ethereum-based treasury strategy, a move that has strongly resonated with both traditional and crypto-focused investors.
In a pivotal step toward executing its strategy, BitMine revealed it had priced and signed a private placement involving 55,555,556 shares of common stock—or equivalents—at $4.50 per share. The offering is projected to generate gross proceeds of approximately $250 million, funded through a mix of cash and cryptocurrencies.
The financing round was led by MOZAYYX and saw participation from notable firms such as Founders Fund, Pantera, Galaxy Digital, Kraken, Republic Digital, DCG, Diametric Capital, Occam Crest Management, and Thomas Lee.
Offering Close Set for Early July
The transaction is expected to close around July 3, 2025, pending standard closing conditions and NYSE American’s approval of the Supplemental Listing Application. Proceeds will be used to acquire Ethereum (ETH) and integrate it into the company’s treasury operations as the primary reserve asset.
That will enable BitMine to actively engage with the Ethereum blockchain’s protocol-level functionalities, including staking and decentralized finance (DeFi) applications.
Ethereum’s Role in Financial Evolution
By embedding ETH into its corporate balance sheet, BitMine positions itself at the forefront of the financial industry’s transition toward blockchain-native treasury management. The company underscores ETH’s role in powering the majority of stablecoin transactions and decentralized applications.
Notably, U.S. Treasury Secretary Scott Bessent recently suggested the stablecoin market could surge to $2 trillion, vastly up from its current $250 billion valuation—a trend that is expected to significantly benefit Ethereum.
One of BitMine’s future performance indicators will be the increase in ETH held per share, driven by operating cash flows, market activities, and ETH valuation growth. BitMine will continue to expand its treasury position following its initial ETH purchase on June 9, 2025, with strategic support from FalconX, Kraken, Galaxy Digital, and custody partners BitGo and Fidelity Digital.
