BitMine Files with SEC to Issue $24.5 Billion in Shares to Buy Ethereum

Ambition from $4.5 billion to $24.5 billion in shares

BitMine Immersion Technologies (AMEX: BMNR), a US-listed company, has become one of the leading companies in accumulating Ethereum (ETH) reserves. BitMine has moved from a Bitcoin mining company to an ETH treasury, capitalizing on the recent institutionalization trend of digital assets. The US Securities and Exchange Commission (SEC) ensures compliance and transparency in the issuance of shares. Ethereum, the world's second-largest Layer-1 blockchain with a market cap of over $500 billion, is becoming an attractive target for institutional investors due to its staking and DeFi ecosystem.

BitMine filed a prospectus supplement with the SEC on August 12, 2025, proposing to increase the amount of shares issued under its at-the-market offering from $4.5 billion to $24.5 billion. This amount includes $2 billion from the original prospectus, $2.5 billion from the previous supplement, and an additional $20 billion that was proposed. Prior to this move, BitMine had sold approximately $4.5 billion in shares, with a small portion of $723 remaining unissued, indicating that the company has effectively leveraged previous funds to accumulate ETH.

The strategy is being implemented through agreements with brokers such as Cantor Fitzgerald and ThinkEquity, which will allow BitMine to sell shares on the NYSE or through direct transactions. The company plans to use the majority of the funds raised to purchase additional ETH, with the goal of expanding its existing treasury — which has grown to over 1.15 million ETH, or about $5 billion at the current price of around $4,350 per ETH. Following the announcement, ETH prices rose slightly above $4,400, reflecting expectations of strong institutional demand, while BMNR shares saw positive movement, rising more than 3% in early trading.

Factors that motivated Bitmine to come up with a reserve strategy

The move comes as digital assets are growing in popularity, and ETH prices are surging, hitting a three-year high of over $4,400, indicating confidence in Ethereum’s long-term potential. Tom Lee, a well-known financial analyst, is taking charge of BitMine. The company is taking this opportunity to accelerate its capital accumulation strategy that has worked well in the past.

The timing of the filing is also favorable because the United States has a good regulatory environment. The GENIUS Act was signed on July 19, 2025, and the SEC's "Cryptocurrency Project" was announced on August 1, 2025. This means that listed companies can help accumulate digital assets without facing many legal risks. In addition, since April 2025, $5.6 billion has flowed into cryptocurrency ETFs. The growing interest of global financial institutions in this strategy makes it even more important.

Benefits in this context

BitMine’s $24.5 billion capital raise allows the company to continue accumulating ETH reserves, which are expected to grow to 2-3 million ETH in the future. If the ETH price stabilizes, this would be worth $10-15 billion. Staking returns, which can reach around 4-5% per year, could also be a significant source of income that would help the business and shore up its finances. Tom Lee’s leadership and the potential for ETH prices to reach $30,000 if this trend continues make this strategy even more attractive.

BitMine’s position in the market could lead to institutional-driven accumulation of ETH, which would reduce supply and create bullish momentum. This would also increase the likelihood of other companies, such as SharpLink or Bit Digital, joining the party, making ETH more widely accepted and easier to use in the mainstream financial communications system. The crypto community is excited about this as they see it as a good sign for Ethereum’s growth.

Evaluation and Conclusion

For BitMine, raising the issuance limit to $24.5 billion could position the company as a leader in ETH accumulation, with a potential portfolio value exceeding $10 billion if the strategy is successful. This would cement the company’s role as an “Ethereum MicroStrategy,” but would require careful risk management to avoid adverse volatility.

Disclaimer: The information presented in this article is the author's personal opinion on the cryptocurrency field. It is not intended to be financial or investment advice. Any investment decision should be based on careful consideration of your personal portfolio and risk tolerance. The views expressed in the article do not represent the official position of the platform. We recommend that readers conduct their own research and consult with a professional before making any investment decisions.