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Title: BitMine Secures $250M for Ethereum Push as ETH Charts 17% Breakout Pattern
In a surprising move, BitMine Immersion Technologies has announced securing $250 million in a private placement to fuel its Ethereum treasury strategy. The unexpected influx of capital comes alongside the cryptocurrency’s formation of an ascending channel pattern on the 4-hour chart.
As reported by our sources, this monumental transaction consists of 55,555,556 common shares priced at $4.50 each. The closing of this deal is expected around July 3, pending NYSE American’s Supplemental Listing Application approval.
In a bold shift in its financial strategy, BitMine has decided to allocate the entire sum from the private placement to buy Ethereum and hold it as the firm’s main treasury asset. This new approach marks a significant change for the company, which had previously engaged in Bitcoin mining and advisory services. The sudden pivot highlights BitMine’s renewed focus on protocol-level exposure and ETH-native financial tools.
The company has partnered with several prominent names in traditional finance and cryptocurrency to facilitate this monumental deal. Founders Fund, Pantera, FalconX, Republic Digital, Kraken, Galaxy Digital, DCG, Diametric Capital, Occam Crest Management, and Thomas Lee participated in the raise.
Source: coinchapter.com
