Ethereum News Today: BitMine Expands ATM Offering to $24.5B to Buy Ethereum

BitMine Immersion Technologies has significantly increased its at-the-market (ATM) equity offering program by an additional $20 billion, raising the total available amount to $24.5 billion. The expanded program is intended to fund the purchase of Ethereum (ETH), with the company’s goal being to eventually acquire 5% of all ETH tokens in circulation. At the time of the announcement, BitMine held over 1.15 million ETH, making it the first company to surpass one million Ethereum tokens in its corporate treasury. This move marks the third increase in the share sale limit in the past month, following a July 9 agreement with Cantor Fitzgerald and ThinkEquity for a $2 billion sale, and a subsequent increase to $4.5 billion on July 24 [1].

The equity offering is being facilitated by Cantor Fitzgerald & Co. and ThinkEquity LLC, who will receive up to 3% in commissions on the gross proceeds. Shares can be issued directly through the NYSE American under the ticker symbol “BMNR.” In the hours following the announcement, BitMine’s stock surged by over 14% during intra-day trading [2]. The company’s shares have seen a 600% increase in 2025, reflecting strong investor confidence in its crypto-centric strategy and capital allocation model [1].

BitMine’s investment plans include not only Ethereum but also Bitcoin, alongside the expansion of its mining and consulting operations. This approach aligns with a broader trend among institutional investors who are building large cryptocurrency treasuries as a hedge and long-term capital allocation strategy. BitMine Chairman and Fundstrat Co-Founder Tom Lee has suggested that Ethereum may be on the verge of a “2017-like Bitcoin moment,” citing favorable regulatory signals, growing interest from major financial firms, and potential approval for blockchain-based financial instruments [1].

According to The Block, BitMine holds more ETH than any other public company, followed by SharpLink and The Ether Machine. The Ethereum Foundation and Coinbase also maintain significant ETH holdings, but none exceed BitMine’s scale [1]. If the company successfully executes its $20 billion ETH purchase program, it could emerge as one of the largest institutional holders of Ethereum [4].

However, the strategy is not without risk. The volatile nature of the cryptocurrency market could challenge BitMine’s ability to execute its purchases profitably. Analysts have noted that the success of the program will depend heavily on continued institutional adoption of Ethereum and the sustainability of the current market conditions [5]. Tom Lee has predicted a price target range of $7,000 to $15,000 for Ethereum by the end of 2025, but these forecasts are speculative and rely on the persistence of favorable macroeconomic and regulatory conditions [1].

At the time of writing, Ethereum traded at $4,678.45 on TradingView, showing a 50% increase over the previous month amid rising institutional interest and a bullish market environment. BitMine’s aggressive capital-raising efforts reflect the growing trend of publicly traded companies leveraging equity financing to build strategic cryptocurrency reserves. This strategy mirrors similar moves by firms like Coinbase and GameStop, which have also issued shares to fund large-scale Ethereum acquisitions [4].

BitMine’s decision to expand its equity offering underscores its commitment to Ethereum as a core asset. The company’s ability to continue acquiring ETH at scale will be closely watched by investors and analysts alike, as it could influence both the company’s valuation and Ethereum’s broader institutional profile.

Source:

[1] https://www.ainvest.com/news/ethereum-news-today-bitmine-expands-atm-offering-24-5-billion-fund-eth-purchases-2508/

[2] https://finviz.com/news/139545/bitmine-bmnr-20-billion-fundraising-sends-shares-jumping-by-14

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

[5] https://www.aol.com/bitmine-expands-stock-sale-program-164428963.html