Largest Ethereum Treasury Firm BitMine Immersion Plans $20 Billion Stock Raise To Fund Massive ETH Buying Spree
Main Idea
BitMine Immersion Technology plans a $20 billion stock offering to expand its Ethereum holdings and operations, as Ether's price nears its all-time high amid increasing corporate adoption.
Key Points
1. BitMine filed with the SEC to increase its at-the-market equity offering to $20 billion to finance more ETH acquisitions.
2. Ether's price rose to $4,418, marking a 20.6% increase in the last seven days, and is now 10% below its November 2021 peak.
3. BitMine holds approximately $5 billion worth of ETH, making it the largest corporate ETH treasury, with plans to acquire up to 5% of the total Ether supply.
4. Other firms like The Ether Machine have also increased their ETH holdings, with 345,362 ETH worth around $1.5 billion.
5. Public companies are boosting their ETH holdings, contributing to the cryptocurrency's recent price rally.
Description
BitMine Immersion Technology has announced that it plans to raise $20 billion to acquire more of the second-largest cryptocurrency over time.
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