Ethereum News Today: BitMine Boosts Share Sale Cap by 444 to 24.5 Billion to Buy More Ethereum

BitMine Immersion Technologies has filed with the U.S. Securities and Exchange Commission (SEC) to expand its at-the-market (ATM) share sale program by $20 billion, increasing the total limit from $4.5 billion to $24.5 billion. This marks the third time the company has raised its share sale limit in the past month, following a $2 billion arrangement with Cantor Fitzgerald and ThinkEquity on July 9, and a subsequent increase to $4.5 billion on July 24. The new $24.5 billion limit represents a fivefold increase from the initial cap and is the largest corporate capital-raising initiative to date in the Ethereum space [2].

The funds will primarily be used to purchase additional Ethereum, invest in Bitcoin, and expand BitMine’s mining and consulting operations. At the time of the announcement, BitMine held over 1.15 million ETH, valued at approximately $5 billion, making it the first company to hold more than one million Ethereum tokens in its corporate treasury. The company also disclosed an additional purchase of 317,000 ETH shortly before the filing [2].

BitMine’s aggressive capital-raising strategy aligns with a broader trend in the digital asset sector, where firms are increasingly treating cryptocurrency as a strategic financial asset. Companies such as Coinbase and GameStop have also pursued similar treasury strategies to diversify their holdings and hedge against traditional market volatility. However, BitMine’s scale sets it apart, with its expanded share sale program positioning the firm to become one of the largest Ethereum holders in the world [5].

BitMine Chairman and Fundstrat Co-Founder Tom Lee has expressed optimism about Ethereum’s future. He told CNBC that the asset may be entering a “2017-like Bitcoin moment,” citing regulatory developments, including signals from the SEC favoring blockchain-based financial instruments, and growing interest from major financial institutions like JPMorgan and Robinhood. Lee also predicted that Ethereum’s price could reach $30,000 or more if these trends continue [2].

According to The Block, BitMine currently leads in corporate Ethereum holdings, with SharpLink, The Ether Machine, and the Ethereum Foundation following at much lower levels. This dominance could give BitMine significant influence over Ethereum’s market dynamics as it continues to accumulate the asset. Analysts suggest that large-scale accumulation by a single entity may contribute to increased demand and upward price pressure in the broader market [2].

BitMine’s stock experienced a sharp intraday rally of up to 14% following the announcement, reflecting growing investor confidence in the company’s crypto-focused strategy. Cantor Fitzgerald and ThinkEquity will serve as sales agents for the equity offering, which includes a commission of up to 3% on gross proceeds. The shares will be sold directly on the NYSE American under the ticker symbol “BMNR” [5].

While the company’s strategy represents a bold bet on Ethereum’s long-term value, it also carries substantial risk due to the cryptocurrency’s inherent volatility. A market downturn could significantly impact BitMine’s balance sheet and the value of its crypto holdings. Nevertheless, the firm’s actions signal a growing acceptance of digital assets as a core component of corporate financial strategy [5].

Ethereum’s price rose to nearly $4,500 following the news, reflecting broader bullish sentiment in the crypto market. This comes amid increasing institutional interest in blockchain-based assets and recent developments such as the successful IPO of fintech firm Circle Internet Group [3].

Sources:

[1] https://cryptobriefing.com/ethereum-treasury-expansion-bitmine/

[2] https://m.economictimes.com/news/international/us/ethereum-whale-move-stuns-crypto-world-bitmine-eyes-20-billion-stock-issuance-to-snap-up-eth-crypto-news/articleshow/123260642.cms

[3] https://www.coinspeaker.com/bitmine-files-to-raise-ethereum-purchase-plan-to-24-5-billion-will-eth-price-rally-hit-5k/

[4] https://www.tipranks.com/news/tom-lees-20b-ethereum-gambit-sends-bitmine-stock-bmnr-into-overdrive

[5] https://www.ainvest.com/news/bitmine-issue-20-billion-stock-boost-ethereum-holdings-2508/