Ethereum treasury strategies are gaining institutional traction as Bitmine Immersion Technologies (NYSE American: BMNR) unveiled a $250 million private placement to redefine its digital asset reserves. The company announced on June 30 that it had finalized the pricing and agreements for the private placement aimed at establishing ethereum ( ETH) as its primary treasury reserve. The transaction involves over 55 million shares priced at $4.50 each and is scheduled to close around July 3, contingent on regulatory clearances. The company intends to channel the proceeds—raised in both cash and cryptocurrencies—into direct ETH acquisitions, which will support staking and decentralized finance activities within the Ethereum ecosystem.

Thomas Lee, founder of Fundstrat and now Chairman of Bitmine’s Board of Directors, stressed the significance of the investor cohort:

This transaction includes the highest quality investors across trad-fi and crypto venture capital, properly reflecting the rapid and continued convergence of traditional financial services and crypto.

“The transaction was led by MOZAYYX with participation from a high quality group of investors including Founders Fund, Pantera, Falconx, Republic Digital, Kraken, Galaxy Digital, DCG, Diametric Capital, Occam Crest Management, and Thomas Lee,” the firm noted. With this move, Bitmine expects to boost its ethereum holdings by over 16 times, positioning itself among the top publicly traded holders of ETH.

Jonathan Bates, Bitmine’s CEO, outlined the next steps in execution:

The private placement will accelerate Bitmine’s treasury holdings shortly after its first treasury purchase on June 9, 2025.

“Falconx, Kraken, and Galaxy Digital plan to partner with the Company to grow a world class ethereum treasury strategy alongside existing custody partners, Bitgo and Fidelity Digital,” he added. While critics often cite the volatility of crypto treasuries, proponents argue ethereum’s smart contract infrastructure and role in stablecoin transactions offer a scalable reserve model for digital-first companies.

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