1/ Tom Lee just pulled a Michael Saylor move for Ethereum. BitMine ($BMNR) raised $250 million to start stacking ETH and will track “ETH-per-share.” This might be the most slept-on corporate pivot of 2025. Thread 👇
2/ Quick refresher: Tom Lee is the co-founder of Fundstrat and a long-time crypto macro guy on CNBC. Today he became Chairman of BitMine Immersion Technologies, pivoting the firm away from pure BTC mining toward an Ethereum treasury strategy.
3/ The plan kicked off with a $250 M private placement priced at $4.50 per share. Investors span TradFi and crypto heavyweights: Founders Fund, Pantera, Galaxy Digital, Kraken and more. Deal closes July 3.
4/ Goal: make BitMine the largest publicly traded ETH holder, mirroring what MicroStrategy did for BTC, except with an asset that actually yields. Lee calls the model the “MicroStrategy of Ethereum.”
5/ New KPI: ETH-per-share. Management will grow that number via ETH price appreciation and on-chain cash flow from staking, restaking and DeFi loops, something a BTC balance sheet can’t tap.
6/ Why ETH? Lee points to Ethereum’s dominance in stablecoins, tokenized assets and DeFi. He even called stablecoins the “ChatGPT of crypto” because of their viral product-market fit.
7/ Market reaction was instant: BitMine stock tripled in pre-market to ~$14, pushing the share price up nearly 500 % on the day.
8/ This comes as ETH spot ETFs are slated to begin inflows in Q3, L2s keep cutting fees and staking yields hover above 4 %. A corporate balance-sheet bid couldn’t be timed better.
9/ My take: Saylor showed how convertible debt + laser-focused treasury strategy can turbo-charge shareholder value. Lee is running the same playbook on an asset that earns yield and secures the internet’s settlement layer.
10/ Watch the ETH-per-share meter. If this works, every cash-rich tech mid-cap will have to ask why their balance sheet is still sitting in USD. Stay tuned.
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