BitMine Immersion Technologies has successfully raised $250 million through a private share placement, aiming to establish an ether (ETH) treasury. The financing round was led by MOZAYYX, with notable investors such as Founders Fund, Pantera Capital, Kraken, Galaxy Digital, and Republic participating. The shares were priced at $4.50 each and were poised to significantly increase BitMine's ETH holdings when the deal closes on July 3. The company cited Ethereum's leadership in stablecoin payments, tokenization, and decentralized finance as rationale for choosing ETH as its primary reserve asset. Moreover, Thomas Lee, a prominent figure in the crypto industry, has been appointed as the Chairman of the Board of Directors, indicating a strategic pivot towards integrating traditional financial mechanisms with cryptocurrency assets. Following these developments, BitMine's stock saw a dramatic increase of 222% in premarket trading, highlighting strong investor confidence in its future prospects.

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