According to @EmberCN, BitMine Immersion Technologies (BMNR) stock has more than tripled in premarket trading after the company secured $250 million to launch an Ether (ETH) treasury. The private placement, which included investors like Pantera Capital and Galaxy Digital, will make BitMine one of the largest publicly traded holders of ETH upon closing. The source notes that Fundstrat founder Thomas Lee has been appointed Chairman of the Board, signaling a strong institutional belief in Ethereum's ecosystem for stablecoins, tokenized assets, and DeFi. This move contrasts with the more common corporate strategy of holding Bitcoin (BTC). In other major developments, Polygon (MATIC) co-founder Sandeep Nailwal has taken over as CEO of the Polygon Foundation, redirecting the project's focus towards its AggLayer cross-chain liquidity protocol and retiring the zkEVM network. Additionally, the Ethereum Foundation has implemented a new treasury policy, capping annual operational expenses at 15% to ensure long-term sustainability, and Bitcoin Core developers confirmed the OP_RETURN data limit will be significantly increased in the upcoming version 30 release.

According to @MilkRoadDaily, BitMine Immersion Technologies (BMNR) has seen its stock price more than triple in premarket trading to nearly $14 after securing $250 million in a private placement. The source states the funds will be used to establish an Ether (ETH) treasury, a move that will rank BitMine among the largest publicly traded holders of ETH. The financing round, priced at $4.50 per share, included prominent investors such as Founders Fund, Pantera Capital, Kraken, and Galaxy Digital. BitMine justified its focus on ETH by citing Ethereum's dominance in stablecoins, tokenized assets, and DeFi, which allows for direct participation in staking and other protocol-level activities. In a significant leadership change, Fundstrat founder and notable crypto bull Thomas Lee has been appointed as the new Chairman of the Board, who introduced 'ether per share' as a new key performance metric for the company. This strategy contrasts with most public companies that have created crypto treasuries, which typically focus on Bitcoin (BTC).