BitMine Immersion Technologies’ stock experienced a dramatic surge of over 500% on June 30, following the announcement of a $250 million private placement. This substantial funding is dedicated entirely to accumulating Ethereum (ETH), signaling a major strategic shift for the company.

Ethereum's recent Pectra upgrade introduced EIP-7702, a feature designed to enhance wallet functionality by allowing Externally Owned Accounts (EOAs) to temporarily act as smart contracts.