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Crypto News

Bitmine Immersion Soars 3,000% on $250M ETH Bet

Bitmine Immersion (BMNR), led by Fundstrat's Thomas Lee, has surged over 3,ooo% in under a week, becoming the latest crypto-linked stock grabbing investor attention. The company's shares skyrocketed past $140 on Thursday, up from just $4.50, after announcing a $250 million private placement aimed at acquiring Ethereum (ETH).

Positioning itself as a publicly traded Ethereum proxy, Bitmine mirrors MicroStrategy's (MSTR) Bitcoin-centric strategy. The ETH treasury approach is attracting significant institutional capital, with backing from major crypto players including Founders Fund, Pantera Capital, FalconX, Kraken, Galaxy Digital, and DCG. The offering, priced at $4.50 per share, is expected to close today.

Robinhood CEO says OpenAI and SpaceX ‘stock tokens’ are derivatives rather than equity after pushback from Sam Altman’s firm

Robinhood CEO Vlad Tenev shared thoughts on the platform's latest stocks product after Sam Altman’s OpenAI scrutinized the brokerage’s plan to let European users claim tokenized exposure to the AI firm’s private shares.

In a post on X early Thursday, Tenev called the promotion “a seed for something much bigger,” adding that “many private companies are eager to join us in the tokenization revolution.” He stressed that the tokens “aren’t technically equity” but still give retail investors a way to track valuations. “You can see the precise dynamics in our Terms,” he wrote. The brokerage’s webpage on these assets states that the stock tokens aren’t actual company equity, but rather blockchain derivative contracts that follow real share prices.

BlackRock’s spot Bitcoin ETF IBIT Surpasses S&P 500 ETF Annual Revenue

BlackRock’s spot Bitcoin ETF, trading under the ticker IBIT, has overtaken BlackRock flagship S&P 500 ETF (IVV) in annual revenue generation. Despite being a fraction of its size in terms of assets under management, IBIT’s surge is pivotal. It indicates an increase in institutional demand for regulated Bitcoin exposure.

According to 2 July 2025 Bloomberg report, IBIT’s higher expense ratio of 0.25% has propelled it ahead of the iShares Cor S&P 500 ETF IVV.

Notably, IVV charge a nominal 0.03% fee in terms of annual fee income. So the higher fee structure of IBIT, combined with the surging interest in Bitcoin as an asset class, has given BlackRock a powerful new revenue engine.

Bitcoin Spot ETF Flow

The overall net inflow of the US Bitcoin spot ETF on Wednesday was $237.13 million. The total net asset value of Bitcoin spot ETFs is $137.6 billion, and the ETF net asset ratio (market value compared to total Bitcoin market value) is 6.29%.

The Bitcoin spot ETF with the highest net inflow on July 3 was Fidelity Wise Origin Bitcoin Fund, with a net inflow of $237.13 million. Following that was iShares Bitcoin Trust ETF , with a net inflow of 224.53 million, according to SoSoValue.