Tom Lee's BitMine Raises $365M via Stock Sale to Boost Ethereum Treasury Holdings to $11.4B

BitMine Immersion Technologies (BMNR), under the leadership of Tom Lee, has secured $365 million through a strategic stock offering to significantly expand its Ethereum (ETH) treasury. The company, which now controls over 2% of the entire ETH supply, announced its treasury valuation reached $11.4 billion as of September 21st. This portfolio includes 2,416,054 ETH, 192 Bitcoin (BTC), $345 million in cash, and a $175 million stake in Eightco Holdings, positioning BitMine as the world's largest public ETH holder. The fundraising involved selling 5.2 million shares at $70 per share to an institutional investor, with additional warrants that could bring total potential proceeds to $1.28 billion. Lee emphasized that the capital will be primarily used to acquire more ETH, citing growing institutional demand as Wall Street adopts Ethereum's blockchain for financial infrastructure. Despite the announcement, BMNR shares traded 9% lower at $55.79.