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).