Major Bitcoin Miner to Raise $250 Million for Ethereum Treasury
Bitcoin mining firm BitMine is shifting gears, unveiling a bold strategy to become Ethereum’s version of MicroStrategy.
The company announced plans to raise $250 million to build a massive ETH treasury and confirmed that well-known strategist Tom Lee will chair its board.
In a private placement expected to close by July 3, BitMine will sell over 55 million shares at $4.50 each, aiming to redirect the proceeds into Ethereum purchases. The funding round is backed by high-profile names including Founders Fund, Pantera, FalconX, Galaxy Digital, Republic, Kraken, and MOZAYYX.
Ethereum will be BitMine’s core reserve asset, with the company intending to participate in staking and DeFi protocols as part of its broader ETH-based treasury strategy. This approach mirrors the Bitcoin-first strategy of MicroStrategy, but with a focus on tapping into Ethereum’s broader ecosystem capabilities.
Tom Lee, who now chairs the board, called the investor lineup “a reflection of the growing fusion between traditional finance and digital assets.” He emphasized Ethereum’s central role in powering stablecoin transactions and DeFi activity, arguing that ETH is uniquely positioned to benefit from long-term growth in blockchain-based financial infrastructure.
The company’s move comes at a time when institutional adoption of Ethereum is accelerating. With staking yields, Layer 2 expansion, and real-world asset integration gaining momentum, BitMine sees Ethereum not just as a store of value, but as a productive asset. Through this initiative, BitMine hopes to become a model for treasury diversification in the crypto-native corporate world.
If successful, the strategy could open the door for other public companies to adopt similar Ethereum-based treasury frameworks — pushing ETH further into the financial mainstream.
Alex is Editor-in-Chief of Coindoo and co-founder of Millennial Media Group, with nearly a decade of experience covering financial markets - crypto first, then everything else. It started in 2016 with Bitcoin. Like most people at the time, he didn't fully understand it - so he kept digging. Blockchain, tokenomics, the projects, the cycles. That curiosity never stopped, and eventually pulled him into traditional markets too: equities, commodities, macro. Not because he left crypto behind, but because you can't properly understand one without the other. What drives him is straightforward: he wants to know why something is happening, not just that it's happening. Most market coverage stops at the headline - price up, price down, here's a chart. Alex finds that kind of reporting actively unhelpful. If you walk away from an article without understanding the mechanism behind the move, what did you actually learn? He holds a degree in Tourism from New Bulgarian University - not the most obvious path into financial markets, but markets have a way of pulling in people who are simply too curious to stay out. He has authored over 200 in-depth analyses and more than 10,000 articles across crypto and traditional finance. He still thinks every day in markets teaches him something new. That's probably why he hasn't stopped.
