Ethereum News Today: Ethereum hits $4,600 as BitMine plans $20B stock raise for ETH buying spree

Ethereum surged past $4,600 during Asian trading on Wednesday, marking its highest price in nearly four years and reflecting a 54% gain over the past month and 27% in the past week [1]. The token now stands at $552 billion in market capitalization, placing it 18th among global corporations and just $100 billion below Visa [2]. According to CoinGecko, Ethereum is within 5.3% of its 2021 all-time high of $4,878.

The upward movement has been driven in part by institutional investors, particularly BitMine Immersion Technologies—the largest Ethereum treasury holder. BitMine has filed a prospectus with the U.S. Securities and Exchange Commission (SEC) to raise up to $20 billion through the issuance of common stock, aiming to fund further Ethereum acquisitions [3]. The firm currently holds approximately 1.2 million ETH, valued at $5.3 billion, and intends to use the raised capital to add more than 4 million ETH to its treasury at current prices [4].

This aggressive buying strategy has drawn comparisons to the 2016–2017 market cycle, where retail enthusiasm was the primary driver of price gains [5]. However, this time, according to analyst "Merlijn The Trader," the rise is being fueled by a combination of retail demand, institutional participation, and global adoption [6]. The analyst noted that Ethereum is following a similar price action pattern and emphasized that the current rally could result in a parabolic move pushing ETH into five-figure territory.

At the same time, Ethereum-based spot ETFs have seen significant inflows, reinforcing institutional interest. BlackRock’s Ether ETF alone recorded $640 million in new capital on August 12, while the total inflow across all ETH ETFs reached $523 million on August 13, marking the fifth-largest single-day inflow since their launch [7]. Over the past five trading days, these funds have attracted $2.3 billion in net inflows, outpacing Bitcoin ETFs by $1.5 billion since early July [8].

The market has responded with a mix of optimism and caution. While some analysts speculate that Ethereum could eventually reach $15,000, such projections remain speculative and are not backed by immediate fundamentals [9]. Meanwhile, BitMine’s stock dropped 6% following the announcement of its $20 billion capital raise, raising questions about the firm’s balance sheet and risk exposure [10]. Some reports suggest the firm may expand the offering further, with a potential $24.5 billion target under consideration [11].

BitMine’s strategy mirrors that of companies like MicroStrategy, which has been acquiring Bitcoin as a strategic treasury asset. However, BitMine’s approach is unique in its scale and focus on Ethereum. If successful, the firm’s accumulation could reduce the token’s circulating supply and provide additional price support as Ethereum approaches key resistance levels.

The broader market is now watching whether this coordinated institutional effort will be enough to break through historical highs and establish a new price ceiling for Ethereum.

Sources:

[1] https://coinmarketcap.com/community/articles/689c1a7d78c8230288c24015/

[2] https://thecryptobasic.com/2025/08/12/ethereum-breaks-4400-as-bitmine-expands-20b-offering-to-aggressively-acquire-eth/

[3] https://zycrypto.com/largest-ethereum-treasury-firm-bitmine-immersion-plans-20-billion-stock-raise-to-fund-massive-eth-buying-spree/

[4] https://www.mitrade.com/insights/news/live-news/article-3-1033438-20250813

[5] https://www.indexbox.io/blog/bitmine-immersion-stock-rises-3-as-ethereum-hits-4400/

[6] https://twitter.com/MerlijnTrader/status/130****001014255617

[7] https://www.coingabbar.com/en/crypto-currency-news/bitmine-plans-massive-245b-stock-sale-as-ethereum-nears-4500?srsltid=AfmBOoqVCilFdl70b9TN7a0fCa6Bxg0BPiH7x_gys4JG82DyZveHM-rT

[8] https://twitter.com/NateGeraci/status/130****201014255617