Crypto firm BitMine jumps after securing $250 million to buy ethereum 

** Crypto firm BitMine's shares jump 47.7% to $6.68 premarket

** BMNR announces to initiate ethereum treasury strategy

** Co sold ~55.6 million shares at $4.50 apiece in the placement, which was led by MOZAYYX and included participation from investors including Fundstrat founder Thomas Lee

** BMNR will continue to focus on its core business of bitcoin mining

** Thomas Lee will serve as BMNR chairman

** "Stablecoins have proven to be the 'chatGPT' of crypto, leading to rapid adoption by consumers, merchants and financial services providers. Ethereum is the blockchain where the majority of stablecoin payments are transacted and thus, ETH should benefit from this growth" - Thomas Lee

** BitMine stock closed down 3.5% at $4.27 on Friday

** Cantor Fitzgerald advised lead investor MOZAYYX on the transaction

** As of last close, BMNR stock down 45.3% YTD