Bitmine will issue corporate debt to finance your accumulation strategy of Ether (ETH).
Days ago, the former Bitcoin, Bitdigital, announced that 100% will focus on Ethereum.
Bitmine, a company that is dedicated to Bitcoin’s mining, announced on Monday the private placement of USD 250 million to finance an Ether accumulation strategy (ETH), Ethereum’s cryptocurrency, as the main asset of its treasury.
The operation involves the sale of more than 55 million ordinary or equivalent shares, at a price of USD 4.50 per unit, and is subject to closing around July 3, 2025, after the authorization of the Nyse American. The funds will be destined to the direct purchase of eth, which will become the main financial reserve of the companyas well as activities related to that network, such as staking.
The movement was led by the Mozayx Investment Company and included funds such as Founders Fund, Pantera, Falconx, Digital Republic, Kraken, Galaxy Digital, DCG, Diametric Capital and Occam Crest Management. The analyst and strategist Thomas Lee also adds, who He was appointed president of the Board of Directors.
Bitmine continues thus the steps of Bitdigital, another ex -minister who announced days ago a total turn towards Ethereum, as cryptootics reported. In that case, the firm justified the change for the evolution of the ecosystem and the growth of the stablecoins and the decentralized applications in the Ethereum Network.
Thomas Lee, analyst and president of the Bitmine Board of Directors, affirmed that this move represents the convergence between traditional finances and the cryptocurrency ecosystem. He also pointed out that ETH will benefit from the projected growth of the Stablecoins market, which could climb from USD 250 billion to USD 2 billionaccording to recent estimates of the Treasury Secretary, Scott Besent.
“The stablecoins have proven to be the ‘chatgpt’ of cryptocurrencies, which has led to a rapid adoption by consumers, merchants and financial services suppliers,” said Bitmine’s manager, remembering that Ethereum is the network where most transactions with stable cryptocurrencies occur, which reinforces Bitmine’s decision to adopt ETH as strategic asset.
Jonathan Bates, CEO of the company, added that this investment will accelerate the accumulation of ETH started on June 9 and that entities such as Falconx, Kraken and Galaxy Digital will be associated in the implementation of a specialized treasury. Bitgo and Fidelity Digital custody signatures will also be involved.
After knowing the news, Bitmine’s actions, under the BMNR ticket, They uploaded this Monday in more than 540% compared to Friday’s price, $ 4.40, until reaching USD 28.30. Although then they corrected until the USD 23,18, at the close of this report, as can be seen in the next graph:
Bitmine, that quote In the New York Stock Exchange since the beginning of June, it was called on its website as a company dedicated to Bitcoin, as it is The cornerstone of its corporate strategy. “We have integrated Bitcoin directly into our Treasury to improve the value for shareholders, strengthen our balance and align our future with the adoption curve of the strongest asset in the world,” says the company on its official page.
However, his movement towards Ethereum demonstrates an interest in diversification. According to them, the aim It is the accumulation of long -term cryptoactives.
This company (whose name is greatly resembled to that of the renowned Minera de Bitcoin, Bitmain) currently has a market capitalization of 26.2 million dollars and previously known as Sandy Springs Holdings Inc. Bitmine Immersion Technologies, Inc. constituted In 2019 and is based in Las Vegas, Nevada.
With this movement, Bitmine adds to the group of companies that They seek to position themselves among ETH holders in the public sphere. Thus, cryptocurrency is consolidated as the axis of a change in focus in the mining and technological sector that until recently supported almost exclusively in Bitcoin.
