BitMine Immersion (BMNR), the #1 ETH Holder, Files to Sell $24.5 Billion in Stock to Buy More Crypto

Ethereum treasury company BitMine Immersion Technologies (BMNR) has massively expanded its war chest, filing a supplementary proposal to increase its capacity to sell common stock under its at-the-market (ATM) program to $24.5 billion to diversify into crypto.

The SEC filing breaks down the total into $2 billion from the current proposal, $2.5 billion from a prior supplement, and a new $20 billion allocation.

Part of a bigger trend. BitMine is leading the pack, but they aren’t the only ones. Here’s our news report on Ethereum becoming a go-to corporate treasury asset.

This is the third revision to the company’s ATM program since July. On July 9, the company first entered into an agreement to sell up to $2 billion in stock, which was then raised to $4.5 billion on July 24. This new supplement increases the company’s issuance capacity more than fivefold from the previous level.

According to the filing, the money raised may be used to purchase Bitcoin and to expand the company’s mining and consulting operations. VanEck’s Head of Digital Assets Research, Matthew Sigel, first noted the filing made to the SEC in a post on X.

This news comes as Ethereum continues its powerful recovery, with the price now trading at $4,446, a gain of over 3% in the last 24 hours. This strong momentum is being fueled by a wave of accumulation from a new class of corporate treasury companies, which are now adopting the same “buy and hold” strategy brought on by early Bitcoin holders.

Largest Corporate Ethereum Holder

BitMine disclosed on Monday that it had acquired an additional 317,000 $ETH, bringing its total holdings to 1.15 million $ETH, valued at approximately $5 billion. The purchase makes it the first public company to surpass the 1 million $ETH milestone.

How they got here. This massive treasury was built one buy at a time. Here’s our report on one of Bitmine’s huge $ETH purchases from last week.

The firm now ranks as the third largest corporate crypto treasury globally, behind Strategy and Mara Blockchain. Data from the Korea Securities Depository shows South Korean retail investors have purchased a net $259 million in BitMine shares since July.