Bitcoin mining company BitMine surges 700% in one day... why?

Bitcoin mining company BitMine soared by 700% in a single day. On the 30th of last month (local time) in the New York market, BitMine soared by 694.84% to $33.90.
It then surged 25.99% in after-hours trading. There is no upper or lower limit for US stocks. This is because Bitmine successfully raised $250 million (approximately 36 billion yen) in funding.
BitMine plans to use the funds to buy up Ethereum, the second largest cryptocurrency by market capitalization. It plans to build a new Ethereum ecosystem and make it a core asset in its financial strategy.
The company plans to do so because most stablecoin payments, which have become popular recently, are carried out in the Ethereum ecosystem.
Tom Lee said, "Stablecoins are the chatter of the virtual currency industry," and "Stablecoin payments are mostly Ethereum payments."
"Because Ethereum is used for settlement in the Ethereum ecosystem, the outlook is very bright," he said. Before the surge, BitMine's market capitalization was only $26 million, and its stock price had fallen 45% year-on-year.
It was in that state.