The Internet reported that BitMine announced pricing and signed a private placement agreement to purchase and sell 55,555,556 common shares (or replaced common stock equivalents) at a price of $4.50 per share, with expected total revenue of approximately $250 million, net of placement agency fees and other issuance expenses (funded with a combination of cash and cryptocurrency) to implement Ethereum's financial strategy. The transaction was led by MOZAYX and included investors including Founders Fund, Pantera, FalconX, Republic Digital, Kraken, Galaxy Digital, DCG, Diamtric Capital, Occam Crest Management and Thomas Lee. The offering is expected to complete around July 3, 2025, subject to meeting usual trading conditions, including but not limited to approval of a supplementary listing application by the U.S. branch of the New York Stock Exchange. The company plans to use the net proceeds from this offering to acquire Ethereum and invest ETH in the company's financial operations. ETH will serve as the company's main financial reserve asset.