Shares of BitMine Immersion Technologies surged more than 45% in Tuesday morning trading following the high-profile appointment of Tom Lee as chairman of its board of directors and the announcement of a bold $250 million pivot toward Ethereum.
Lee, a prominent financial strategist and frequent contributor on CNBC’s Fast Money, Tech Check, Halftime Report, and Closing Bell, officially stepped into the chairman role on Monday. Known for his accurate market predictions and bullish stance on cryptocurrency, Lee’s leadership is being seen as a major vote of confidence in BitMine’s evolving strategy.
In addition to Lee’s appointment, BitMine revealed it had secured a $250 million private placement to fund a strategic accumulation of ether (ETH), positioning the cryptocurrency as its new primary treasury reserve asset. The company will continue its core bitcoin mining operations while integrating this new ether-focused treasury approach.
The move comes at a time of growing institutional interest in alternatives to bitcoin for corporate treasuries. BitMine joins a trend led by companies like SharpLink Gaming, which appointed Ethereum co-founder Joseph Lubin as board chairman in May, and DeFi Development, which is implementing a similar strategy centered around Solana.
Investor excitement is also being fueled by broader crypto market tailwinds, including the successful IPO of stablecoin issuer Circle earlier this month and rising expectations for stablecoin regulation in Congress.
BitMine’s dual play on both bitcoin mining and ether reserves, combined with Lee’s market influence, has sparked optimism among investors seeking growth in the evolving crypto finance landscape.
