ETH Nears $4,500 as Its Biggest Whale BitMine Unleashes $20B War Chest to Buy More Ethereum

Key Points

1. BitMine filed to expand its at-the-market equity program by $20 billion, increasing its total stock sale capacity to $24.5 billion, with proceeds likely used for ETH purchases.

2. The company has already acquired over 1.2 million ETH worth roughly $5 billion, with a goal to stake 5% of the total Ether supply (approximately 6 million ETH).

3. BitMine's aggressive buying spree and staking strategy could reduce ETH liquidity on exchanges, potentially driving prices higher and stabilizing the market.

4. Ethereum's price has surged over 21% in the past week, nearing its all-time high, fueled by corporate adoption and large-scale ETH acquisitions by firms like BitMine.

5. BitMine leads corporate ETH holders with 1.15 million ETH ($5 billion), surpassing other major holders like SharpLink (598,800 ETH) and The Ether Machine (345,400 ETH).