Crypto firm BitMine jumps after securing $250 million to buy ethereum
Crypto firm BitMine's BMNR.A shares jump 47.7% to $6.68 premarket
BMNR announces $250 million private placement to initiate ethereum treasury strategy
Co sold ~55.6 million shares at $4.50 apiece in the placement, which was led by MOZAYYX and included participation from investors including Fundstrat founder Thomas Lee
BMNR will continue to focus on its core business of bitcoin mining
Thomas Lee will serve as BMNR chairman
"Stablecoins have proven to be the 'chatGPT' of crypto, leading to rapid adoption by consumers, merchants and financial services providers. Ethereum is the blockchain where the majority of stablecoin payments are transacted and thus, ETH should benefit from this growth" - Thomas Lee
BitMine stock closed down 3.5% at $4.27 on Friday
Cantor Fitzgerald advised lead investor MOZAYYX on the transaction
As of last close, BMNR stock down 45.3% YTD
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