BitMine Plans Over $20B Share Sale to Buy More Ethereum

BitMine Immersion Technologies has taken another bold step in its aggressive Ethereum accumulation strategy. The firm plans to expand its at-the-market (ATM) equity offering by over $20 billion. 

This was revealed in a recent filing with the U.S. Securities and Exchange Commission (SEC). The move is meant to help buy even more ETH and possibly support more Bitcoin activities.

A Rapid Expansion in Equity Sales

BitMine’s latest filing marks its third ATM equity increase in just over a month. The company first launched a $2 billion offering on July 9, partnering with Cantor Fitzgerald and ThinkEquity to sell common stock. 

On July 24, it raised the cap to $4.5 billion. Now, the new amendment pushes the limit to $24.5 billion, representing a fivefold jump in issuance capacity.

The firm said that proceeds from the sales could be used not only for Ethereum purchases but also for buying Bitcoin (BTC). It plans to expand its mining activities and scale its consulting services. BitMine noted these moves are aimed at strengthening its overall business strategy.

Ethereum Enters Its ‘MicroStrategy Moment’ After Price Surge

This funding boost comes right after a big jump in the Ethereum market. ETH recently went above $4,000 for the first time since 2021. This was driven by many public companies adding the coin to their balance sheets. 

BitMine chairman and Fundstrat co-founder Tom Lee believes Ethereum is entering a pivotal growth phase similar to Bitcoin’s breakout year in 2017. Lee described this moment as the start of an “Ethereum MicroStrategy” era. 

Speaking on CNBC, he pointed to three major catalysts that could possibly drive this growth. This includes approval for stablecoins, the SEC becoming more open to blockchain finance, and adoption from major firms like JPMorgan and Robinhood.

He even predicted that ETH prices could eventually surge to $30,000 or higher if these trends align.

BitMine Becomes First Public Company to Hold Over 1 Million ETH

Following the news, BitMine’s stock gained 3.8% in pre-market trading on Tuesday, building on a 14.7% surge from the day before. Ethereum is currently trading at $4,4392, up 2.97% in the past 24 hours, according to CoinMarketCap data. 

BitMine is now the first public company to own over 1 million ETH, after buying 317,000 ETH on August 11. This puts its total holdings at over 1.15 million ETH, worth about $5 billion. This stash firmly places the crypto miner at the top of the Ethereum treasury leaderboard.

BitMine’s closest competitor, Joe Lubin’s SharpLink, holds 598,800 ETH, worth $2.6 billion. The Ether Machine ranks third with 345,400 ETH, valued at $1.5 billion. Coinbase also holds 136,800 ETH $588.8 million, alongside its substantial Bitcoin reserves.

The Ethereum Foundation remains the largest non-public holder, with 232,600 ETH, which is worth $1 billion.