BitMine Shifts to Ethereum with $250M Treasury Plan: Report

• BitMine raises $250 million to build an Ethereum-focused treasury and become a key player.
• Tom Lee joins BitMine as Chairman, signaling a strategic push into Ethereum and DeFi.
• BitMine partners with top investors to acquire Ethereum and expand its blockchain presence.

BitMine, a Bitcoin mining company, is making a strategic move into the Ethereum ecosystem by launching a $250 million Ethereum-focused treasury. With this initiative, Ethereum (ETH) will become the company’s primary reserve asset. The investment aims to strengthen BitMine’s presence in the Ethereum space and support its participation in the network’s growing ecosystem.

This $250 million shall be raised through a private placement of more than 55 million shares at a price of $4.50 per share. The investor group includes Founders Fund, Pantera, FalconX, Galaxy Digital, Republic Digital, DCG, Diametric Capital, Occam Crest, and Kraken, with MOZAYYX serving as the lead investor. The transaction is scheduled to be closed by July 3, 2025.

Tom Lee Joins BitMine to Lead Ethereum Treasury Strategy

With the announcement, BitMine also stated that Tom Lee, co-founder of Fundstrat, will be joining the company as the new Chairman of the Board of Directors. The hiring of Lee demonstrates that BitMine is committed to bridging the gap between traditional finance and cryptocurrency. 

BitMine has decided to use Ethereum as its major treasury reserves, considering Ethereum’s influence in the world of decentralized finance (DeFi) and stablecoin transfers. Tom Lee states that Ethereum is well-positioned to benefit from the growing adoption of stablecoins. According to Lee, stablecoins are driving the rapid adoption of various sectors, with Ethereum leading this expansion.

The possible applications of the Ethereum blockchain are numerous, including smart contracts and decentralized financial services. The approach taken by BitMine will provide the company with exposure to the Ethereum ecosystem. This entails opportunities such as staking and engaging in DeFi protocols, which have experienced a surge in the last couple of years.

BitMine Boosts Ethereum Treasury with Key Partnerships

According to Jonathan Bates, Chief Executive Officer of BitMine, the private placement will enhance the company’s Ethereum treasury strategy. The company has already purchased its first Ethereum on June 9, 2025, and will continue to make purchases. To establish a world-class Ethereum treasury, BitMine is collaborating with partners such as FalconX, Kraken, and Galaxy Digital.

Besides these partners, BitMine has entrusted custody of its Ethereum holdings to established firms like BitGo and Fidelity Digital. These custodians will play a key role in securely managing and safeguarding the company’s expanding ETH reserves, reinforcing BitMine’s commitment to secure and compliant digital asset management.

Related: Ethereum’s Buterin Proposes Pluralistic IDs for Web3 Privacy

BitMine’s shift toward Ethereum is also aimed at boosting shareholder value. The company plans to increase its Ethereum holdings per share by reinvesting cash flow, leveraging capital markets, and capturing gains from potential ETH price appreciation.

The Ethereum strategy is part of the company’s long-term vision to diversify its Bitcoin mining operations. ٍWith Ethereum, BitMine will be at the front line of the crypto world. The business views Ethereum as a vital resource in the emerging and rapidly growing blockchain ecosystem.

The move by BitMine to Ethereum can be seen as supportive of the growing interest among institutions in the cryptocurrency world. The Ethereum blockchain continues to expand, making it appealing to both investors and businesses. BitMine’s move signals a broader trend, as more companies explore ways to integrate crypto assets into their business strategies.