BitMine plans $20B stock sale to boost Ethereum holdings – Details
Main Idea
BitMine Immersion Technologies plans to expand its equity sale to $24.5 billion to increase its Ethereum holdings, following Ethereum's price surge past $4,000.
Key Points
1. BitMine seeks SEC approval to expand its ATM equity offering to $20 billion, bringing total approved stock sales to $24.5 billion, with proceeds partly for Ethereum accumulation.
2. BMNR stock rose 4% in pre-market trading and closed at $58.98 on August 11, with a further 4.62% increase at press time.
3. BitMine purchased 566,776 ETH worth about $2.03 billion between July 9 and July 25, demonstrating strong commitment to Ethereum.
4. Ethereum's price was $4,679.14 at press time, reflecting a 9.64% jump in 24 hours and a 70% increase since the start of the year.
5. BitMine's total Ethereum holdings exceed 2.7 million ETH, valued at approximately $11.6 billion, with 24 new companies joining as holders.
Description
Why is BitMine racing to pour billions into Ethereum while Wall Street watches closely?
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