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Trading on BitMine is momentarily paused twice due to dramatic surge in shares of Ethereum Treasury firm.

Investors who took part in BitMine's private offering purchased stocks at $4.50 per share, but a selling restriction is currently preventing them from offloading their holdings.

Trading of BitMine temporarily paused twice, as the Ethereum Treasury associated firm unexpectedly...
Trading of BitMine temporarily paused twice, as the Ethereum Treasury associated firm unexpectedly surges.

Trading on BitMine is momentarily paused twice due to dramatic surge in shares of Ethereum Treasury firm.

In a remarkable turn of events, BitMine, a Bitcoin mining company with operations in Texas and Trinidad, has witnessed a stunning 1,900% surge in its share price since the appointment of Tom Lee, co-founder of Fundstrat Global Advisors, as its board chair on Monday. This upward trend continued for three consecutive days, with shares closing at $135 on Thursday, marking a 130% increase from the previous day.

The company's stock price fluctuations were not without interruption, as trading was halted twice on Thursday. As of Thursday, BitMine had a float of 1.4 million shares.

The surge in BitMine's stock price follows the company's announcement of an Ethereum treasury strategy earlier in the week. Notably, Peter Thiel's Founders Fund, crypto venture capital firm Pantera, crypto prime broker FalconX, crypto conglomerate Digital Currency Group, and Tom Lee himself participated in BitMine's $250 million private placement.

Meanwhile, in the realm of regulatory developments, the U.S. Senate passed the Guiding and Establishing National Innovation for U.S. Stablecoins Act (GENIUS Act) on June 17, 2025. This marks the first time either chamber of Congress has passed legislation exclusively devoted to regulating payment stablecoins. The GENIUS Act aims to create a unified, modern framework for dollar-backed stablecoins, providing clear statutory guardrails for stablecoin issuance.

Key features of the GENIUS Act include authorization and regulation of stablecoin issuers at the federal level, promotion of innovation in real-time payments, and reinforcement of the U.S. dollar’s role as the world’s reserve currency. The bill also introduces consumer-protection measures, issuer size thresholds, and roles for state regulators, although these areas remain points of negotiation between the Senate bill and the House's parallel legislation.

As the GENIUS Act moves to the U.S. House of Representatives, lawmakers must decide whether to adopt the Senate's version or reconcile differences with the House's own stablecoin bill, the Stablecoin Transparency and Accountability for a Better Ledger Economy Act of 2025 (STABLE Act). The House and Senate bills differ primarily on consumer protections, issuer size thresholds, and state regulator involvement.

Elsewhere in the cryptocurrency space, Anthony Pompliano, a social media personality and entrepreneur, has created ProCap Financial, another Bitcoin treasury firm. Jack Mallers, founder of Strike, is leading Tether-backed, Bitcoin-buying firm Twenty One Capital as CEO.

Tom Lee, on CNBC's "Squawk Box", stated that BitMine will accumulate Ethereum before a stablecoin boom crystallizes demand for the asset. BitMine also has access to staking and decentralized finance (DeFi).

However, the cryptocurrency market is not without its challenges. SharpLink Gaming's shares plunged 70% after its registration-of-shares filing was deemed effective by the U.S. Securities and Exchange Commission. Upexi's stock also cratered after a similar registration-of-shares filing.

In conclusion, the surge in BitMine's share price and the passing of the GENIUS Act signify significant developments in the cryptocurrency and stablecoin markets. The current environment is transitional, with the Senate having passed a detailed framework and the House poised to act soon, signaling imminent clarity and governance for the stablecoin market.

This article was edited by James Rubin.

[1] "U.S. Senate Passes Landmark Stablecoin Bill: What Does the GENIUS Act Mean for Crypto?" CoinDesk, 17 June 2025, [2] "BitMine Soars After Announcing Ethereum Treasury Strategy," Forbes, 18 June 2025,

  1. BitMine's share price surged by 1,900% after the appointment of Tom Lee, a digital finance expert, as its board chair.
  2. The surge in BitMine's stock price followed the company's announcement of an Ethereum treasury strategy, with notable participants in its private placement including Peter Thiel's Founders Fund, Pantera, FalconX, Digital Currency Group, and Tom Lee himself.
  3. In a remarkable regulatory development, the US Senate passed the Guiding and Establishing National Innovation for U.S. Stablecoins Act (GENIUS Act), marking the first time either chamber of Congress has passed legislation exclusively devoted to regulating payment stablecoins.
  4. Key features of the GENIUS Act include authorization and regulation of stablecoin issuers at the federal level, promotion of innovation in real-time payments, and reinforcement of the US dollar’s role as the world’s reserve currency.
  5. Tom Lee, on CNBC's "Squawk Box", stated that BitMine will accumulate Ethereum before a stablecoin boom crystallizes demand for the asset, and BitMine also has access to staking and Decentralized Finance (DeFi).
  6. meanwhile, another Bitcoin treasury firm, ProCap Financial, was created by Anthony Pompliano, while Jack Mallers, founder of Strike, leads Tether-backed, Bitcoin-buying firm Twenty One Capital as CEO.
  7. The cryptocurrency market is not without its challenges, as SharpLink Gaming's shares plunged 70% and Upexi's stock also cratered after their registration-of-shares filings.
  8. These recent developments, including BitMine's surge and the passing of the GENIUS Act, signal significant steps towards clarity and governance in the cryptocurrency and stablecoin markets.

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