BitMine Expands Stock Sale Program to $24.5B for Ethereum Purchases

According to a filing with the SEC, BitMine has planned to increase its stock sale program by an additional $20 billion for new Ethereum purchases. The company already holds over 1.15 million ETH in its portfolio.

According to BitMine’s Chairman, the asset’s price could surpass $30,000.

BitMine Immersion Technologies (BitMine), the world’s largest corporate holder of Ethereum, has filed with the U.S. Securities and Exchange Commission (SEC) to expand its at-the-market (ATM) stock sale program by an additional $20 billion.

The raised funds are intended primarily for further Ethereum acquisitions, as well as investments in Bitcoin and the expansion of mining and consulting operations.

According to the prospectus, the stock sale program will grow from $4.5 billion to $24.5 billion. This marks the third increase in the limit within the past month: on July 9, BitMine signed an agreement with Cantor Fitzgerald and ThinkEquity to sell $2 billion worth of shares, on July 24 the limit was raised to $4.5 billion, and now — increased fivefold.

At the time of the announcement, BitMine held over 1.15 million ETH (about $5 billion), becoming the first company to exceed one million tokens in a corporate Ethereum treasury.

Earlier this week, the company reported purchasing an additional 317,000 ETH.

BitMine’s Chairman and Fundstrat co-founder Tom Lee told CNBC that Ethereum may be entering a “moment similar to Bitcoin in 2017,” driven by three factors:

• regulatory “green light” for stablecoins;

• signals from the SEC showing readiness to migrate financial instruments to blockchain;

• interest from major players, including JPMorgan and Robinhood, in building Ethereum-based products.

“We may be on the verge of an ‘Ethereum MicroStrategy’ era,” Lee said, adding that under favorable conditions, the asset’s price could reach $30,000 or higher.

According to The Block, after BitMine, the largest corporate holders of Ethereum are SharpLink (598,800 ETH) and The Ether Machine (345,400 ETH).

Meanwhile, the Ethereum Foundation holds 232,600 ETH, and Coinbase owns 136,800 ETH and 11,776 BTC.

See also: "US SEC Confirms Conclusion of Legal Case Over XRP"

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