BitMine Goes All In: $20B Stock Issuance to Buy More Ethereum

Ethereum treasury company BitMine Immersion Technologies is significantly upping its bet on ETH.

In a new filing with the U.S. Securities and Exchange Commission (SEC) on Tuesday, the firm revealed plans to expand its at-the-market (ATM) equity offering by an additional $20 billion, funds it says will be used over time to acquire more Ethereum and, potentially, other digital assets.

Expanding the ATM offering

BitMine has been steadily increasing its equity issuance plans over the past month. The company first entered into agreements with Cantor Fitzgerald and ThinkEquity on July 9 to sell up to $2 billion in common stock via an ATM offering.

That figure was raised to $4.5 billion in an amended filing on July 24. Now, with the latest supplement, BitMine is boosting its issuance capacity to $24.5 billion, more than five times the original amount.

While the primary goal is to grow its ETH holdings, the company noted in its prospectus that proceeds could also be used for Bitcoin purchases and to expand its Bitcoin mining and consulting operations.

This move was first spotted by VanEck’s Head of Digital Assets Research, Matthew Sigel, who flagged the scale of the increase on X.

Leading the Ethereum treasury race

BitMine is already the largest Ethereum treasury holder, reporting over 1.15 million ETH (worth roughly $5 billion) after purchasing another 317,000 ETH earlier this week. That milestone makes it the first company to surpass 1 million ETH in holdings.

The move comes amid renewed momentum in Ethereum’s price, which recently climbed above $4,350 for the first time since 2021. Analysts attribute the rally, in part, to a wave of new Ethereum treasury strategies, mirroring the earlier corporate accumulation trend seen with bitcoin.

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