Tom Lee Named Chairman of BitMine Immersion Technologies

NEW YORK, NY – Fundstrat‘s Tom Lee has been named chairman of BitMine Immersion Technologies, effective Monday.

Lee, a prominent market strategist, will lead the company as it aims to become the largest publicly traded holder of ether. This push includes a $250 million private placement aimed at implementing a strategy centered around ether as the primary treasury reserve asset while continuing its existing bitcoin mining operations.

Lee’s appointment follows a surge of interest in stablecoins, particularly after notable developments in stablecoin legislation in Congress and the recent troubles faced by stablecoin issuer Tether.

In an interview with CNBC‘s “Squawk Box,” Lee emphasized the importance of the stablecoin industry, stating, “The financial services industry and crypto are converging and it really started with stablecoins… underneath the stablecoin industry is Ethereum – that is really the backbone and architecture of stablecoins.”

He noted that the company would track the amount of ether held per share as a key performance indicator, similar to how MicroStrategy measures its bitcoin holdings. This metric will help BitMine assess its performance amid a changing crypto landscape.

Lee mentioned that the value of ether per share could increase through reinvestment, capital market activities, and the overall change in ether’s value. Currently, BitMine has a small market value of $26 million, with shares down 45% this year.