BitMine Holding $500 Million of Ether in Treasury

By Dean Seal

BitMine Immersion Technologies said it has accumulated about $500 million worth of ether as part of its Ethereum treasury strategy.

The company, which specializes in Bitcoin mining using immersion cooling, said its holdings reached 163,142 ether shortly after it closed a $250 million private placement last week.

BitMine previously said it was looking to increase the amount of ether it holds per share through a combination of cash flow reinvestment and capital markets activities.

"Among Bitcoin treasury companies, we have witnessed the reflexive benefit of acquiring large holdings," Chairman Tom Lee said.

Shares rose 18% to $48 in premarket trading.

Write to Dean Seal at dean.seal@wsj.com