Wall Street strategist Tom Lee is aiming to create the MicroStrategy of Ethereum

preCharge News BUSINESS — Tom Lee, the renowned crypto and equity strategist known for his accurate bitcoin price calls, has been appointed Chairman of the Board at BitMine Immersion Technologies, effective immediately.

The appointment was announced alongside BitMine’s $250 million private placement, which will fuel a new Ethereum-centric investment strategy. The company aims to become the largest publicly traded holder of ether (ETH) while continuing its bitcoin mining business.

“This move marks a bold strategic shift in crypto treasury management,” said Lee. “Ethereum is becoming foundational to the entire crypto ecosystem.”

Ethereum to Become Primary Treasury Asset

BitMine to track ETH-per-share, following MicroStrategy’s BTC model

Lee emphasized that Ethereum will serve as BitMine’s primary treasury reserve asset, replacing the traditional bitcoin-first strategy employed by most miners.

In an interview with preCharge News, Lee compared the rise of stablecoins and Ethereum’s architecture to the emergence of AI tools like ChatGPT:

“Stablecoins are the ChatGPT of crypto — viral in adoption across banks, businesses, and consumers,” Lee said. “Ethereum is the infrastructure that powers them.”

He said BitMine would now use ETH-per-share as a key financial metric, mirroring MicroStrategy’s BTC-per-share “Bitcoin Yield” benchmark.

$250 Million Private Placement Will Fuel ETH Accumulation

Company will use reinvestment, capital markets, and ETH price appreciation to drive value

According to BitMine’s statement, the company will grow ETH reserves through:

Reinvestment of cash flows
Capital markets activities
Change in ETH value

“This is not just an investment — it’s a structural bet on Ethereum’s dominance as crypto’s financial rail,” Lee added.

Industry Shift: Companies Favor Ethereum Over Bitcoin for Treasury Strategy

SharpLink, DeFi Development also bet on ETH and Solana

BitMine’s pivot aligns with a broader trend: corporates expanding beyond bitcoin for crypto treasury strategies.

SharpLink Gaming adopted an ether treasury model in May and named Ethereum co-founder Joseph Lubin its chairman.
DeFi Development is executing a Solana-focused treasury strategy.

“It’s a clear signal that bitcoin no longer holds a monopoly on crypto corporate strategy,” said one market analyst.

BitMine: From Microcap to ETH Powerhouse?

Microcap firm seeks relevance with high-profile leadership and ETH strategy

Prior to this announcement, BitMine’s market cap stood at just $26 million, with its lightly traded shares down 45% year-to-date.

The $250 million raise and Tom Lee’s leadership could represent a transformative moment.

“This move positions BitMine as a potential Ethereum proxy stock,” said crypto M&A strategist Rachel Lin.

Stablecoin Boom Adds Tailwind to Ethereum Thesis

Circle’s IPO and legislative momentum renew focus on ETH’s critical infrastructure role

The announcement comes amid rising momentum for stablecoin legislation in Congress and the blockbuster IPO of Circle, the issuer of USDC — a dollar-pegged stablecoin running primarily on Ethereum.