BitMine Immersion Technologies announced the closing of its previously announced $250 million private placement. This financing was funded through a combination of cash and crypto assets, providing substantial capital for the company's strategic initiatives.
The proceeds from this private placement will enable BitMine to implement its Ethereum treasury strategy, adopting ETH as its primary treasury reserve asset. This move allows the company to access native protocol-level activities, such as staking and decentralized finance mechanisms, on the Ethereum network.
The transaction was led by MOZAYYX and included participation from a group of institutional investors such as Founders Fund, Pantera, FalconX, Republic Digital, Kraken, Galaxy Digital, DCG, Diametric Capital, Occam Crest Management, Graticule (GAMA), GSR, and Thomas 'Tom' Lee.
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