Tom Lee named chairman of BitMine Immersion, plans to raise $250 million for Ethereum.

From Yahoo Finance: 2025-06-30 13:40:00

BitMine Immersion (BMNR) saw its shares surge over 500% after naming Tom Lee of Fundstrat as chairman, announcing plans to raise $250 million for Ethereum purchases. The company’s market cap now exceeds $150 million.

Under Lee’s leadership, BitMine will use Ether as its primary treasury reserve asset, with the approval of the “Genius Act” likely to benefit ETH. The company aims to be the “MicroStrategy of Ethereum.”

Lee’s bullish outlook on Ethereum predicts a $5,000 price target by late 2024, potentially leading to a 100% rally in the next six months. However, investors should be cautious of the sustainability of BMNR’s gains, given previous examples of rapid rises and falls in similar strategies.

Caution is advised in chasing the current surge in BMNR shares, as the company is not yet on the radar of institutional investors. No Wall Street analysts tracked by Barchart currently cover the BTC mining firm.



Read more at Yahoo Finance: Can Fundstrat’s Tom Lee Make BitMine Immersion Stock the ‘MicroStrategy of Ethereum’?