BitMine Expands Stock Sale Plan to $20B in Bid for 5% of Ethereum

BitMine Targets 5% of Ethereum with $20B Stock Sale

BitMine Immersion Technologies (BMNR) plans to raise up to $20 billion through its at-the-market (ATM) equity program to acquire more Ethereum (ETH), aiming to control 5% of the cryptocurrency’s total circulating supply. The move would expand BitMine’s position as the largest corporate holder of ETH, with current holdings already exceeding 1.15 million tokens valued at $4.96 billion.

How BitMine’s Plan Works

On Monday, the company’s board, led by investor Tom Lee, authorized a significant expansion of its existing ATM capacity. The $20 billion plan follows earlier approvals totaling $4.5 billion, bringing the firm’s total stock sale authorization to $24.5 billion.

The ATM equity program allows BitMine to issue new shares directly into the market over time. This flexibility lets the company raise capital incrementally, which can reduce market impact compared to large, one-time offerings. Proceeds will be used exclusively to purchase ETH for the company’s treasury.

Currently, BitMine’s holdings amount to:

• 1,150,263 ETH, valued at $4.96 billion as of August 10
• Around 1% of Ethereum’s circulating supply
• The largest corporate ETH treasury globally

The company has set an ambitious target: acquiring 5% of all ETH in circulation.

Aggressive ETH Accumulation Strategy

BitMine’s approach mirrors the Bitcoin accumulation strategies of companies like MicroStrategy, but applied to Ethereum. In just one week, BitMine increased its ETH holdings by $2 billion, moving from 833,137 tokens to over 1.15 million.

Tom Lee, chairman of BitMine’s board, emphasized the firm’s pace:

"We are leading crypto treasury peers by both the velocity of raising crypto NAV per share and by the high trading liquidity of our stock."

With over $4.98 billion in total crypto holdings, BitMine ranks as the third-largest crypto treasury in the world, behind only MicroStrategy and Mara Blockchain.

Market Impact of the Announcement

Ethereum prices climbed sharply after the news, rising to between $4,400 and $4,600—levels last seen nearly four years ago. Analysts partly attribute the rally to expectations that BitMine’s buying could tighten ETH supply, particularly given locked staking volumes and growing decentralized finance (DeFi) usage.

BMNR stock also reacted strongly:

• +14% the day of the announcement
• +750% year-to-date in 2025
• Short-term pullback of 6% after the equity raise news due to dilution concerns

High trading volume is a factor in BitMine’s strategy. The stock now ranks among the 25 most traded U.S.-listed companies, averaging $2.2 billion in daily dollar volume.

Industry Context

The crypto treasury model—issuing stock to buy and hold cryptocurrency—was popularized by MicroStrategy in Bitcoin. BitMine is the first major public company to apply this model at scale to Ethereum.

Other ETH-holding companies include:

• Coinbase (COIN): Holds over 100,000 ETH worth $500M
• SharpLink Gaming (SBET): Smaller ETH treasury holder
• GameStop (GME): Recently disclosed Bitcoin holdings

BitMine’s rapid rise from its ETH treasury launch in June to the world’s largest corporate ETH holder by August highlights the speed at which the strategy can reshape market leadership.

FAQs

1. What is BitMine’s $20B equity raise for?
   BitMine plans to sell up to $20 billion worth of stock through its ATM program to buy Ethereum for its corporate treasury.

2. How much Ethereum does BitMine own now?
   As of August 10, BitMine holds over 1.15 million ETH worth $4.96 billion—about 1% of the total circulating supply.

3. Why is BitMine buying so much Ethereum?
   The company aims to hold 5% of all ETH, positioning itself as the largest corporate Ethereum holder and leveraging ETH’s role in DeFi and Web3.

Conclusion

BitMine’s $20 billion equity raise plan marks one of the largest single-company bets ever placed on Ethereum. If successful, the company will hold 5% of ETH’s total circulating supply, reinforcing its dominance in corporate Ethereum holdings.

For the wider market, this level of accumulation could influence liquidity, price stability, and how institutional investors view Ethereum as a treasury asset—setting a precedent for other firms to follow.

Resources:

1. Bitmine Ether Holdings Announcement: https://www.prnewswire.com/news-releases/bitmine-immersion-bmnr-eth-holdings-exceed-1-15-million-tokens-valued-in-excess-of-4-96-billion-and-largest-eth-treasury-in-world-302526216.html

2. Bitmine $20 billion stock sale plan announcement: https://www.sec.gov/Archives/edgar/data/1829311/000149315225011831/form424b5.htm

3. SharpLink Ether Holdings Announcement: https://investors.sharplink.com/sharplink-raises-279m-total-eth-holdings-438190/