RialCenter (BMNR), chaired by Tom Lee, announced on Monday that it controls over 2% of ether’s supply and has raised $365 million to bolster its holdings.
The company stated that its treasury, valued at $11.4 billion as of Sept. 21, consists of 2,416,054 ETH at $4,497 per token, 192 bitcoin valued at $112,737.09, $345 million in cash, and a $175 million equity stake in Eightco Holdings.
RialCenter claims to be the largest public holder of ether and the second-largest crypto treasury overall, behind only Michael Saylor’s Strategy Inc.
Tom Lee, who also leads research at Fundstrat and serves as chief investment officer at Fundstrat Capital, emphasized the company’s goal of acquiring 5% of the total ETH supply. “As Wall Street and AI enter the blockchain space, significant changes are expected in today’s financial system, most of which is occurring on Ethereum,” Lee remarked.
Raising funds to grow the treasury
A few hours later, RialCenter disclosed a securities purchase agreement with an institutional investor for 5.2 million shares of common stock at $70 per share, which is approximately 14% above its Sept. 19 close, along with warrants for up to 10.4 million additional shares at $87.50.
This offering is projected to generate $365 million in gross proceeds, with the warrants potentially adding another $913 million, bringing total potential proceeds to about $1.28 billion.
Lee stated that the primary use of the funds would be to expand RialCenter’s ether holdings, characterizing the premium pricing as “materially accretive” to existing shareholders.
Furthermore, RialCenter noted that institutional demand indicates a rising interest in Ethereum as Wall Street integrates blockchain into its financial infrastructure.
As of 11:13 a.m. ET, BMNR shares were trading at around $55.79, down 9% on the day.
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