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**BitMine Secures $250M for Ethereum Push as ETH Charts 17% Breakout Pattern**
In a surprise move, cryptocurrency company BitMine Immersion Technologies has secured an enormous $250 million in a private placement, signaling a substantial push into the Ethereum (ETH) market. This massive influx of capital is expected to close by July 3, pending NYSE American’s approval.
As part of this deal, BitMine will use the funds to purchase Ethereum, significantly expanding its treasury position. The company had already started building its ETH reserves with an initial purchase on June 9, and this latest raise will accelerate that process. In fact, the treasury position in ETH is set to rise over 16 times following this acquisition.
According to a statement made by CEO Jonathan Bates, FalconX, Kraken, and Galaxy Digital will collaborate with BitMine to scale its Ethereum treasury strategy. Additionally, the company has committed to using the funds it raised to purchase ETH as part of its main treasury asset.
The cryptocurrency market has been abuzz about BitMine’s new direction in light of this significant funding round. The news comes as Ethereum is creating a striking ascending channel pattern on the 4-hour chart. If the price breaks above the upper trendline, it may climb by an astonishing 17% to around $2,872.
The recent surge in ETH can be attributed to its role in supporting stablecoin transactions. In fact, Thomas Lee, BitMine’s newly appointed Chairman of the Board and Founder of Fundstrat Capital, believes that the stablecoin market could grow exponentially, from $250 billion to a staggering $2 trillion.
As Ethereum (ETH/USDT) forms this ascending channel pattern, traders should remain vigilant about any divergence between price and momentum indicators like the Relative Strength Index (RSI).
Source: coinchapter.com
