Ethereum News Today: Bitcoin and Ethereum surge as BMNR files $20B for ETH purchases

Bitcoin and other major cryptocurrencies surged on Monday amid renewed optimism in the digital asset markets, with Ethereum (ETH) rising nearly 10% to over $4,600 following a major development involving BitMine Immersion (BMNR). The company, led by Fundstrat founder Tom Lee, has filed to increase its at-the-market (ATM) stock offering from $4.5 billion to $24.5 billion, with the additional $20 billion earmarked exclusively for Ethereum purchases [1].

BMNR already holds approximately 1.15 million ETH, valued at nearly $5 billion, or about 1% of the total ETH supply. With the expanded offering, the firm aims to boost its holdings to 5% of the total supply, signaling strong institutional demand for the second-largest cryptocurrency [1]. The news triggered a sharp rise in ETH prices, extending its year-to-date rally of about 70%. Analysts and market observers have highlighted the move as a significant bullish catalyst.

“I can defeat all your ETH bear arguments in one sentence. Tom Lee just filed to expand his ETH buys by $20 billion,” Ryan Adams of Bankless noted on social media [1]. Others have drawn comparisons to MicroStrategy’s Bitcoin accumulation strategy, but on a much larger scale and at a faster pace for Ethereum.

“This is why it looks like $ETH is just moving up in a straight line,” tweeted djohnson, a crypto analyst on X. “They have to use it because they are likely to do it all again tomorrow. Any dips get eaten because they have to, just so much cash to deploy” [1].

The surge in institutional Ethereum demand coincided with record inflows into Ethereum ETFs. On Monday alone, the ETH ETFs recorded $1.02 billion in net inflows, surpassing the previous record and signaling continued confidence in the asset class [1]. Meanwhile, Bitcoin (BTC) also climbed above $120,000, marking a broader rally in the crypto market.

Other notable developments include OKB, the native token of OKX, rising 130% after the exchange announced a new buyback program. Additionally, ETHZilla, a stock listed as ATNF, surged 300% after billionaire investor Peter Thiel disclosed a 7.5% stake in the company and revealed that it holds 82.186 ETH and $238 million in cash [1].

Coinbase also made a strategic move in the DeFi space by announcing a new Stablecoin Bootstrap Fund, aimed at increasing liquidity and supporting protocol growth. Elsewhere, eToro reported that crypto trading accounted for 91% of its total Q2 revenue, highlighting the dominance of digital assets in its business model [1].

As the crypto market continues to gain traction, the actions of large institutional buyers like BMNR are becoming increasingly influential. With Ethereum’s price trajectory supported by both speculative and strategic demand, the path to all-time highs appears to be accelerating.

Source: [1] Morning Minute: ETH Soars as BMNR Files to Buy $25B (https://decrypt.co/334937/morning-minute-eth-soars-as-bmnr-files-to-buy-25b)