BitMine stock surges 400% as Tom Lee joins Ethereum treasury company
BitMine stock surges 400% as Tom Lee joins Ethereum treasury company originally appeared on TheStreet.
BitMine Immersion Technologies shares surged 400% on Monday after announcing the company would be pivoting to launch another ethereum treasury play — this time with a popular Wall Street legend.
BitMine announced the company is adding Fundstrat's Tom Lee as Chairman and announced a $250 million private placement to stack ether as part of the company's treasury strategy.
The raise included participants across crypto that have participated in other publicly traded treasury plays, including Pantera Capital and Galaxy Digital.
"This transaction includes the highest quality investors across TradFi and crypto venture capital, properly reflecting the rapid and continued convergence of traditional financial services and crypto,” Lee said in a statement.
Lee, a frequent guest on CNBC, has held the view that Ethereum could be a big beneficiary as traditional finance moves onchain. Particularly, as more dollars come onchain in the form of stablecoins, that could lead to increased activity onchain, and increased demand for Ethereum.
“Stablecoins have proven to be the 'ChatGPT' of crypto, leading to rapid adoption by consumers, merchants and financial services providers,” Lee said, noting that the chain has become for a large chunk of stablecoin transactions.
The move comes as many across crypto look to emulate what has worked so well for Michael Saylor and his Bitcoin treasury company Strategy. Strategy shares have gained a staggering 1,700% since the beginning of 2023 simply by stacking Bitcoin and selling debt and shares against that position.
Ethereum co-founder Joe Lubin was among the first to carry the trend over to Ethereum with SharpLink gaming. The publicly traded company has seen shares swing wildly as investors calculate what upside may be there if these ethereum treasury companies can capture just a fraction of the same success.
BitMine stock surges 400% as Tom Lee joins Ethereum treasury company first appeared on TheStreet on Jun 30, 2025
This story was originally reported by TheStreet on Jun 30, 2025, where it first appeared.
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