Tom Lee’s BitMine Sells Stock at $70 to Raise Additional $365M for ETH Treasury

Group 1 - BitMine Immersion Technologies (BMNR) controls over 2% of ether's supply and has raised $365 million to expand its holdings [1][2] - The company's treasury is valued at $11.4 billion, consisting of 2,416,054 ETH, 192 BTC, $345 million in cash, and a $175 million equity stake in Eightco Holdings [1] - BitMine is the largest public holder of ether and the second-largest crypto treasury overall, following Michael Saylor's Strategy Inc. [2] Group 2 - The company aims to accumulate 5% of the total ETH supply, which it refers to as the "alchemy of 5%" [3] - The funds raised will primarily be used to expand BitMine's ether holdings, with institutional demand indicating growing interest in Ethereum [5] - BitMine announced a securities purchase agreement for 5.2 million shares at $70 per share, with potential total proceeds from warrants reaching about $1.28 billion [4]