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

Key Points

1. BitMine Immersion Technologies (BMNR) filed to raise $24.5 billion via an at-the-market (ATM) stock program to diversify into crypto, including $2 billion from a new proposal, $2.5 billion from a prior supplement, and $20 billion in additional capacity.

2. This is the third revision to BMNR's ATM program since July 2025, with previous filings increasing from $2 billion to $4.5 billion before the latest $24.5 billion proposal.

3. BMNR holds 1.15 million ETH (valued at ~$5 billion), making it the largest corporate ETH holder and the third-largest corporate crypto treasury globally, behind MicroStrategy and Marathon Digital Holdings.

4. The filing was first noted by VanEck’s Head of Digital Assets Research, Matthew Sigel, and reflects a growing trend of corporate investment in Ethereum and other cryptocurrencies.

5. Ethereum's price rose over 3% in 24 hours to $4,446 amid the news, while South Korean retail investors purchased a net $259 million in crypto-related assets.