Inside Tom Lee's Plan To Build 'MicroStrategy Of Ethereum' At BitMine

Wall Street veteran and Fundstrat co-founder Tom Lee is set to bring Ethereum ETH/USD into the spotlight, with plans to position BitMine Immersion Technologies BMNR as the ‘MicroStrategy of Ethereum.‘

What Happened: In an CNBC Squawk interview on June 30, Lee announced his new role as chairman of BitMine, a small-cap Bitcoin mining firm valued at $26 million.

Under his leadership, BitMine will pivot from being purely a miner to an Ethereum-focused treasury company, adopting ETH as its primary reserve asset.

To kick off the transition, BitMine has announced a $250 million private placement, which will be used to accumulate Ether while maintaining its existing Bitcoin mining operations.

Lee stressed Ethereum's vital role in powering the stablecoin ecosystem, calling stablecoins the “ChatGPT of crypto” due to their rapid and widespread adoption.

By holding ETH, Lee believes BitMine can help support and benefit from the infrastructure underpinning stablecoins.

Also Read: Ethereum Traders Target $4,000 In Summer: What’s Fueling The Optimism?

Why It Matters: BitMine will begin tracking ETH-per-share as its principal performance metric, emulating how Strategy MSTR uses BTC-per-share to communicate shareholder value.

The firm plans to grow this figure via Ethereum price appreciation, reinvested cash flows, and strategic capital market activities.

This marks a shift in corporate treasury strategies, with a growing number of firms now exploring Ether and Solana-based reserves. Companies like SharpLink Gaming and DeFi Development have already started integrating ETH into their treasuries.

Just last week, Lee praised MicroStrategy's model, noting its ability to outperform Bitcoin through clever capital deployment, including the issuance of convertible debt at near-zero interest rates to acquire more BTC.

He believes BitMine can replicate that success, but with Ethereum at its core.

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