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BitMine, the largest Ethereum ($ETH) treasury company, has announced its new move to acquire more $ETH.
Accordingly, Bitmine, led by market prophet Tom Lee, applied to the SEC to sell up to $20 billion in shares to acquire more $ETH.
According to Reuters, Bitmine has filed a motion with the SEC to increase its on-market equity program from $4.5 billion to $24.5 billion to fund more $ETH purchases.
The company initially entered into an agreement with Cantor Fitzgerald and ThinkEquity to sell up to $2 billion of common stock at market price, initially on July 9. On July 24, it filed an amendment with the SEC to increase the offering amount to $4.5 billion.
The company recently announced that it has filed a new application with the SEC to increase its stock offering to $24.5 billion.
Bitmine, chaired by Tom Lee, emerged as the company with the largest Ethereum treasury with 1.15 million $ETH worth approximately $5 billion, continuing its leadership with its Ethereum treasury holdings and becoming the first company to surpass the 1 million $ETH mark.
Ethereum ($ETH) Surpasses $4,400!
As whales and institutional investors continue to buy $ETH heavily, the price of Ethereum has surpassed $4,400. At this point, $ETH is 11% away from breaking its all-time high set in November 2021.
Standard Chartered executive Geoffrey Kendrick stated in a recent report that Ethereum treasury companies are “still in their infancy,” will continue to accumulate $ETH, and over time, they could increase their holdings tenfold, reaching 10% of all $ETH.
*This is not investment advice.