 
 
BitMine Immersion Technology, the Bitcoin miner that pivoted to an Ether (ETH) treasury strategy under Fundstrat’s Thomas Lee’s leadership, has announced that it plans to raise $20 billion through a massive stock offering to acquire more of the second-largest cryptocurrency over time.
BitMine’s $20 Billion ATM Offering
BitMine filed with the U.S. Securities and Exchange Commission on Tuesday to boost its at-the-market equity offering by $20 billion to finance more ETH purchases.
BitMine initially authorized $2 billion in common stock sales via an agreement with Cantor Fitzgerald and ThinkEquity on July 9, later filing an amendment with the SEC to raise the at-the-market offering to $4.5 billion.
VanEck Head of Digital Assets Research Matthew Sigel observed in a post on X that the latest supplement to $20 billion represents a fivefold increase in issuance capacity.
BitMine intends to use the proceeds to buy Bitcoin and expand its BTC mining and consulting operations, per the company’s prospectus.
 
Ether Nears All-Time High Amid Rising Corporate Adoption
On Tuesday, Ether rose above $4,418, jumping by roughly 20.6% in the last seven days, according to crypto data provider CoinGecko. At press time, ETH had retraced slightly and was hovering at $4,385. Ether is now trading 10% below its old record high of 4,878 registered in November 2021.
The ETH rally has been fueled, in large part, by public companies boosting their holdings in recent weeks.
BitMine Immersion Technology now holds approximately $5 billion worth of ETH — making it the largest corporate ETH treasury. The firm previously announced plans to acquire up to 5% of the total Ether supply, valued at over $25 billion at current market prices.
Online gambling marketer SharpLink Gaming comes in second place with 598,000 Ether worth $2.64 billion, according to data from StrategicEthReserve.
On Aug. 3, The Ether Machine bought 15,000 ETH, coinciding with Ethereum’s 10th anniversary. It scooped up an additional 10,600 ETH on Sunday, pushing its total holdings to 345,362 ETH, worth around $1.5 billion, keeping it in the top three by holdings.
Source: https://zycrypto.com/largest-ethereum-treasury-firm-bitmine-immersion-plans-20-billion-stock-raise-to-fund-massive-eth-buying-spree/