Ethereum whale move stuns crypto world: Bitmine eyes $20 billion stock issuance to snap up ETH
Bitmine Ethereum purchase: Bitmine Immersion Technologies (BMNR) has revealed its plans to issue up to $20 billion in new stock to significantly boost its Ethereum (ETH-USD), as per a report. The announcement coincided with ETH's latest rally, climbing another 5% on Tuesday to trade above $4,400, according to the Yahoo Finance report.Bitmine's stock briefly jumped 5% at the market open, and the company's shares have soared over 600% so far in 2025, due to its aggressive crypto-first strategy and rising investor interest in digital assets, as per the report.
Bitmine, led by veteran investor Tom Lee, revealed it currently holds about 1.15 million ETH tokens, valued at roughly $4.96 billion, representing close to 1% of all ETH in circulation, according to the Yahoo Finance report.
ALSO READ: Monica Seles opens up about life-changing chronic neuromuscular disease - here are details of condition But Bitmine isn't stopping there as the company revealed that its ultimate goal is to own 5% of all Ethereum tokens in the world, as reported by Yahoo Finance.
Lee said while announcing the company's latest Ethereum purchase that, "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," as quoted in the report.Bitmine is one of a growing number of companies pursuing the 'crypto treasury' strategy, a model made popular by Michael Saylor's MicroStrategy (MSTR), as per the report. These firms raise funds by issuing new shares and use that capital to acquire cryptocurrency, which they hold on their balance sheets as long-term assets, according to Yahoo Finance.ALSO READ: Apple in hot water as Elon Musk accuses Tim Cook-led company for favoring AI rivals like ChatGPT, to file suitBitmine isn't alone in its Ethereum ambitions, even cryptocurrency broker Coinbase (COIN) holds over 100,000 ETH tokens, worth more than $500 million, and saw its shares rise more than 2% in early Tuesday trading, as reported by Yahoo Finance.
GameStop (GME) also recently adopted a crypto treasury strategy, announcing in March that it would hold bitcoin, according to the report. Meanwhile, SharpLink Gaming (SBET) has been increasing its ETH exposure, as per Yahoo Finance.
Ether has increased over the past month, trading up over 50% to a value of more than $4,400 per token, but the cryptocurrency has yet to crest its record high of more than $4,600, which it reached in October 2021, according to the report.This comes amid the highly successful IPO of fintech giant Circle Internet Group (CRCL) in June, which offers the stablecoin USD Coin and the Ethereum network has also gained widespread recognition as the ecosystem of choice for most stablecoin mintings, as reported by Yahoo Finance.Bitmine wants to issue $20 billion in stock to buy more Ethereum, aiming to eventually own 5% of all ETH.
Bitmine's shares are up more than 600% in 2025, boosted by Ethereum's surge and investor enthusiasm for its crypto-first approach, as per the Yahoo Finance report.
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