BitMine Immersion Technologies has raised $250 million in a private stock placement to build an Ethereum-focused corporate treasury, signaling a major shift in its strategy from Bitcoin accumulation to Ether. The deal involves the sale of 55,555,556 shares at $4.50 each, pending final NYSE American approval.

The funding round was led by MOZAYYX and drew heavyweight backing from Founders Fund, Pantera Capital, FalconX, Republic Digital, Kraken, Galaxy Digital, Digital Currency Group (DCG), Diametric Capital, Occam Crest Management, and investor Thomas Lee. Once the deal is completed, BitMine aims to expand its Ether reserves as part of a long-term crypto investment approach.

Thomas Lee, BitMine’s chairman, called stablecoins the “ChatGPT of crypto,” predicting a rise in ETH value due to Ethereum’s dominance in stablecoin transactions. He stated that ETH should benefit directly from the growing adoption of stablecoins on its network.

BitMine’s announcement follows a growing trend of public companies aggressively building Ethereum treasuries. Just weeks ago, sports betting company SharpLink Gaming bought 176,271 ETH worth $463 million, becoming the largest public holder of Ether. SharpLink also appointed Ethereum co-founder Joseph Lubin as board chairman.

BitMine’s move reflects a larger market pivot. Though traditionally focused on Bitcoin, the company now calls itself a “Bitcoin and Ethereum Network Company,” holding 154 BTC valued at approximately $17 million. It ranks 62nd on BitcoinTreasuries.NET.

Other firms are also shifting. Last week, Bit Digital revealed plans to exit Bitcoin mining entirely to invest in Ether. The market reacted harshly—its stock plummeted 19% in five days, including a 15% crash in one day.