BitMine Plans to Raise $24.5 Billion to Significantly Increase Its Holdings of Ethereum, Aiming for Historic Highs in ETH

Ethereum Approaches Historical Highs

Bitcoin Stalls in Consolidation

BitMine Immersion Technologies, the largest publicly traded holder of Ethereum, announced last night that it will increase its fundraising target to $20 billion in its new round of stock issuance plans. In total, the company aims to raise $24.5 billion through this sales plan to acquire more Ethereum.

In documents submitted to the U.S. Securities and Exchange Commission (SEC) on Tuesday, the company stated:

“Through this supplemental prospectus, we will increase the total amount of common stock available for sale under the ‘Sales Agreement’ to $24.5 billion, which includes $2 billion from the prospectus, $2.5 billion from a previous supplemental prospectus, and an additional $20 billion from this supplemental prospectus.”

After the market closed last night, BitMine’s stock price rose by 5.87%.

On the other hand, SharpLink, the second-largest holder of Ethereum, also announced on the same day that it had completed $389 million in financing through the sale of common stock to certain institutional investors, with most of the cash proceeds allocated for acquiring ETH. SharpLink’s stock price did not show significant fluctuations.

Market participants are understandably optimistic about Ethereum’s future performance. Cryptocurrency trader, analyst, and entrepreneur Michaël van de Poppe pointed out on X:

“Ethereum has risen over 100% in less than two months. This trend is similar to when Bitcoin ETFs were released, during which Bitcoin consistently climbed. We are likely to see Ethereum set a new high and then enter a consolidation phase. There are still more opportunities to be expected in this cycle.”

Meanwhile, Bitcoin continued to consolidate after failing to reach historical highs the previous day. The U.S. Consumer Price Index (CPI) data for July unexpectedly came in 0.1% below market expectations, which theoretically could support the Federal Reserve in lowering interest rates at its September meeting, serving as a significant positive for cryptocurrencies and risk assets. However, this news did not bring notable momentum to Bitcoin, and market focus shifted towards altcoins.

Noted trader and analyst Rekt Capital remains optimistic about Bitcoin’s market structure, stating:

“BTC/USD is still trying to establish a new support level after breaking out of a multi-week downtrend. If the price can stabilize here (and potentially form a rising flag pattern), there is a chance to challenge the upper range high again.”