cryptoslate.com
12 August 2025 17:00, UTC
BitMine, the largest corporate holder of Ethereum, filed an Aug. 12 filing with the US Securities and Exchange Commission (SEC) to expand its stock offering by $20 billion.
The filing supplements the company’s earlier at-the-market (ATM) equity program worth $4.5 billion.
BitMine’s equity offerings now stand at roughly $24.5 billion, almost 5x its previous total capacity. The company expects about 173.5 million shares of common stock to be outstanding once the offering closes.
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According to the filing, the proceeds will go toward working capital, more Ethereum acquisitions, debt repayment, income-generating asset purchases, and other corporate needs.
This expansion comes less than 24 hours after BitMine revealed it had purchased 317,126 $ETH in the past week. That acquisition brought its total holdings to 1.15 million $ETH, worth more than $5 billion at current prices.
Meanwhile, market observers have noted that BitMine’s latest funding push could help it secure 5% of Ethereum’s total supply.
BitMine’s aggressive Ethereum accumulation strategy has boosted its stock value significantly.
A report from Pantera Capital showed that the company significantly increased its Ethereum per share (EPS) in the first month after launching its $ETH-focused strategy.
According to Pantera:
“BitMine has accumulated more $ETH in its first month than Strategy (formerly MicroStrategy) did in its first six months executing the strategy.”
At the close of June, BitMine’s shares were priced at $4.27 each, just above its $4 net asset value (NAV) per share. By August, the stock had soared to $51, marking a 1,100% increase in just over a month.
According to Pantera, the surge in stock price was primarily driven by an increase in $ETH per share (around 60%), a rise in Ethereum’s price from $2,500 to $4,300 (approximately 20%), and a slight boost from NAV expansion (about 20%).
Data from Google Finance shows that the momentum hasn’t slowed and is trading near $60 at press time.
