From Billions to ETH: BitMine's Bold Move in Crypto Market
- Keyword Financial
- Aug 13
- 8 min read
Introduction
BitMine Immersion Technologies is dramatically expanding its at-the-market equity program, seeking SEC approval to raise up to $20 billion more, bringing total approved stock sales to $24.5 billion. The Delaware-based crypto mining firm plans to issue common stock at $0.0001 per share and intends to use a portion of the proceeds to accumulate Ethereum, capitalizing on renewed bullish momentum as ETH pushes above $4,000. The company hasn’t specified the exact allocation to ETH, but the move aligns with growing institutional interest in the asset.
Following the announcement, BitMine’s BMNR shares rose about 4% in pre-market trading and closed at $58.98 on August 11, then climbed another 4.62% at the time of reporting. Cantor Fitzgerald will act as the sole sales agent for the ATM offering, with BitMine set to pay up to 3% in commissions on gross proceeds. Although the firm highlighted a flexible funding plan that includes potential debt repayment, buybacks, broader expansion, and even Bitcoin purchases or mining upgrades, Ethereum accumulation remains a clear focus.
BitMine’s appetite for ETH has already been evident: between July 9 and July 25, it bought 566,776 ETH worth roughly $2.03 billion. The strategy coincides with strong ETH price action—trading around $4,679 with a 9.64% daily jump, nearly 50% monthly gains, and more than 70% year-to-date, sitting less than 9% below its 2021 peak. Institutional holdings are rising too; Binance Research notes corporate ETH treasuries have surged about 128% to over 2.7 million ETH (around $11.6 billion), with 24 new companies joining existing holders.
