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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 $20 billion represents a fivefold increase in issuance capacity.
BitMine ($BMNR) just filed to expand its at-the-market equity program by $20B, a 5x increase in issuance capacity, to fund more $ETH purchases.
— matthew sigel, recovering CFA (@matthew_sigel) August 12, 2025
▶️ Prior authorized: $4.5B
▶️ New supplement: +$20B
▶️ Total capacity: $24.5B pic.twitter.com/DdFMiwesBk
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.