TLDR
- Bitmine Immersion Technologies (BMNR) plans to issue up to $20-24.5 billion in stock to buy more Ethereum tokens
- The company currently holds $4.96 billion worth of ETH, approximately 1.15 million tokens or 1% of all circulating supply
- BMNR stock fell 6% after announcing the increased at-the-market offering to $24.5 billion, marking the second expansion in less than a month
- Company aims to eventually acquire 5% of the world’s outstanding ETH tokens as part of its treasury strategy
- Ethereum has risen over 50% in the past month to trade above $4,400 per token
Bitmine Immersion Technologies stock experienced a roller coaster ride Tuesday as the company announced plans to dramatically expand its stock offering program. The crypto treasury firm initially saw shares pop 5% at the opening bell before falling 6% after revealing an increased at-the-market offering.
The company filed a prospectus supplement with the Securities and Exchange Commission on August 12. This expanded the offering size to $24.5 billion from a previous $4.5 billion announced in July.
This marks the second major increase in less than a month. The original offering started at $2 billion on July 9 before jumping to $4.5 billion on July 24.
Ethereum treasury company Bitmine Immersion Technologies $BMNR led by @fundstrat is offering up to $20 billion in stock to buy $ETH.🚀 pic.twitter.com/ycAtucLBRM
— LunarCrush Social Analytics (@LunarCrush) August 12, 2025
Bitmine currently holds $4.96 billion worth of Ethereum tokens. The company owns approximately 1.15 million ETH tokens, representing roughly 1% of all tokens in circulation.
The firm added $2 billion worth of Ethereum to its treasury over the past week alone. Company leadership claims Bitmine now maintains the largest ETH treasury in the world.
Tom Lee leads the company’s board and has been vocal about the treasury strategy. “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,” Lee said in Monday’s press release.
Growing Treasury Strategy Trend
The crypto treasury approach has gained traction across various companies in recent years. Michael Saylor’s MicroStrategy pioneered this strategy with Bitcoin holdings on corporate balance sheets.
The model involves issuing new stock and using proceeds to purchase cryptocurrencies. Companies then hold these digital assets as treasury reserves rather than traditional cash equivalents.
GameStop announced plans in March to add Bitcoin to its balance sheet. SharpLink Gaming also pursues a similar ETH treasury strategy.
Coinbase operates as another major Ethereum holder with over 100,000 tokens worth more than $500 million. The exchange platform saw shares rise over 2% in pre-market trading Tuesday.
Market Performance and Timing
Ethereum has surged over 50% in the past month to trade above $4,400 per token. The cryptocurrency still sits below its all-time high of over $4,600 reached in October 2021.
Bitcoin has shown more modest gains of just over 1% during the same period. This performance gap has likely influenced companies like Bitmine to focus on Ethereum over Bitcoin.
BMNR stock has delivered returns of over 600% this year before Tuesday’s decline. Monday’s announcement alone pushed shares up more than 14%.
The at-the-market offering structure provides Bitmine flexibility in timing and pricing. The arrangement with Cantor Fitzgerald and ThinkEquity allows share sales at prevailing market prices.
Current Holdings and Future Goals
Bitmine’s total cryptocurrency holdings now exceed $4.98 billion across all digital assets. The company has set an ambitious target of eventually owning 5% of all outstanding Ethereum tokens.
At current supply levels, this goal would require acquiring approximately 6 million ETH tokens. Based on today’s prices, this represents roughly $26 billion worth of Ethereum.
The Ethereum network has benefited from increased stablecoin activity and institutional adoption. Circle Internet Group’s successful IPO in June provided additional validation for the ecosystem.
USD Coin and other stablecoins primarily operate on Ethereum’s network infrastructure. This utility has contributed to sustained demand for ETH tokens among institutional investors.
The company’s latest filing shows total ETH holdings standing at $4.96 billion as of the most recent disclosure.
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