BitMine Expands Stock Sale to $24.5B for ETH Buys

Key Highlights

• BitMine expands stock sale to $24.4 billion, targeting 5% of Ethereum supply

• ETH price surges above $4,600 amid record ETF inflows
• BitMine’s stock soared 1,100% since June

BitMine Immersion Technologies (BMNR), the largest corporate holder of Ethereum, has made an impressive move to solidify its position in the crypto market. 

On August 12, 2025, the company filed with the U.S. Securities and Exchange Commission (SEC) to expand its stock sale program by $20 billion, bringing its total fundraising capacity to $24.5 billion—a fivefold increase from its previous $4.5 billion limit. 

This aggressive capital raise is aimed at fueling the company’s relentless acquisition of Ethereum (ETH), with the company already holding a record 1.15 million ETH, worth approximately $5 billion at current prices. 

BitMine Aims to Acquire 5% Ethereum Supply

The filing highlights the company’s ambition to control 5% of Ethereum’s total supply, a target that would require billions more in purchases and could reshape the crypto market’s dynamics.

The timing of the company’s expansion aligns with a surge in institutional interest in Ethereum. Just a day before the SEC filing, the company revealed it had purchased 317,126 ETH in a single week, pushing its holdings past the 1 million ETH milestone, a first for any public company. Our analysis suggests that the coin signals the increasing dominance of buyers and potential for a continued price recovery.

This buying spree mirrors the strategy pioneered by Michael Saylor’s MicroStrategy (MSTR) with Bitcoin, where issuing stock to hoard crypto has become a proven playbook for treasury growth. 

BitMine’s chairman, Tom Lee, has drawn parallels to Bitcoin’s 2017 bull run, suggesting Ethereum could hit $30,000 if regulatory tailwinds and institutional adoption accelerate. 

The market seems to agree: BitMine’s stock (BMNR) has skyrocketed 1,100% since June, from $4.27 to over $60, while Ethereum’s price has climbed 50% in a month to $4,500.

Analysts attribute BitMine’s stock surge to three factors: a 60% boost from rising ETH-per-share holdings, a 20% lift from Ethereum’s price appreciation, and another 20% from net asset value (NAV) growth. 

The company’s latest $20 billion stock sale, managed by Cantor Fitzgerald and ThinkEquity, will further dilute shares but could amplify gains if Ethereum’s rally continues. Proceeds are earmarked for debt repayment, share buybacks, and “general corporate purposes,” though BitMine admits specifics are fluid. These details leave investors both excited and cautious.

BitMine’s accumulation strategy is reducing Ethereum’s circulating supply, potentially stabilizing prices amid volatile markets. 

Competitors like SharpLink and Coinbase trail far behind, holding just 598,800 ETH and 136,800 ETH, respectively. Standard Chartered predicts Ethereum treasury firms could eventually control 10% of all ETH, echoing Bitcoin’s institutionalization. 

For now, BitMine’s gamble hinges on Ethereum’s trajectory. If ETH stumbles, the stock could nosedive; if it soars, early backers may reap historic rewards. One thing’s clear: BitMine isn’t just betting on crypto, it’s rewriting the rules of corporate finance in the digital age.

Ethereum Soars Above $4,600 as BitMine and ETFs Fuel Rally

Ethereum (ETH) surged past $4,600 on Tuesday, fueled by two major catalysts: record-breaking inflows into spot ETH ETFs and BitMine’s bold $20 billion stock sale expansion. 

US-listed ETH ETFs attracted over $1 billion in daily inflows, their highest since launch, while BitMine filed to boost its fundraising capacity to $24.5 billion, doubling down on its aggressive ETH accumulation strategy.

The crypto treasury firm’s latest SEC filing expands its at-the-market (ATM) offering, a flexible capital-raising tool that lets companies sell shares gradually. 

BitMine plans to use the proceeds to buy more Ethereum, edging closer to its ambitious 5% supply target. Already the largest corporate ETH holder with 1.15 million coins ($5.3 billion), BitMine now dwarfs rivals like SharpLink Gaming, which recently committed $600 million to ETH purchases.

The buying frenzy mirrors MicroStrategy’s Bitcoin playbook, with public firms racing to hoard ETH ahead of potential price surges. Meanwhile, spot ETFs like BlackRock’s ETHA ($639.7M inflows) and Fidelity’s FETH ($276.9M) smashed records, showing institutional demand. ETH’s price broke out of a bullish pennant pattern, with analysts eyeing a more than $5,000 all-time high if momentum holds. 

With futures liquidations hitting $152 million, the stage is set for a volatile, however, potentially explosive, next leg up.