Bitcoin mining company Bitmain showed an exceptional surge, with its stock price rising 700% in just one day. This sharp increase is backed by a large-scale fund-raising and a plan to accumulate Ethereum.
Bitmain recently announced that it has successfully raised an investment of $250 million (approximately 347.5 billion won). The secured funds are planned to be used for mass purchasing of Ethereum, the second-largest cryptocurrency by market capitalization. The company plans to develop a new financial strategy based on the Ethereum ecosystem and incorporate Ethereum as a core asset.
Behind this strategic shift is the rapidly growing stablecoin payment market. Currently, a significant portion of global stablecoin transactions are executed on the Ethereum network. Bitmain is actively betting on the potential value increase of Ethereum in line with this market trend.
The management restructuring has also drawn attention. Bitmain has appointed Tom Lee, co-founder of the famous US research fund Fundstrat, as the new chairman of the board. Tom Lee, a representative crypto-optimist on Wall Street, has lent strength to Bitmain's strategic change.
He stated, "Stablecoins are currently acting as game-changers in the cryptocurrency industry" and "Since most stablecoin payments are made in the Ethereum ecosystem, Ethereum's growth potential is very significant."
Bitmain's move is interpreted as a signal of transition from a mining-centered business to a blockchain infrastructure investment and asset management company. The market is also raising the possibility that Bitmain may expand its business areas to Ethereum-based DeFi, stablecoin infrastructure, and tokenized asset businesses in the future.
