BitMine Files to Raise Ethereum Purchase Plan to $24.5 Billion: Will ETH Price Rally Hit $5K?
The post BitMine Files to Raise Ethereum Purchase Plan to $24.5 Billion: Will ETH Price Rally Hit $5K? appeared on BitcoinEthereumNews.com. Key Notes BitMine increased its equity program from $5B to $24.5B, representing a five-fold expansion for Ethereum purchases. Technical analysis shows ETH breaking above $4,500 for the first time since 2021 with bullish momentum indicators. The firm currently holds over 1 million ETH worth $5B, making it the largest corporate Ethereum holder globally. Ethereum BTC $120 162 24h volatility: 1.2% Market cap: $2.39 T Vol. 24h: $46.62 B price traded as high as $4,515 on Binance on Tuesday, Aug. 12, rising 6.31% in its largest single-day gain since July 10. The rally comes as BitMine Immersion Technologies announced an expansion of its Ethereum purchase fundraising. BitMine, led by Fundstrat founder and CIO Thomas “Tom” Lee, has filed to increase its at-the-market equity program by $20 billion, bringing its total capacity to $24.5 billion. Proceeds from the expanded program will be used to ramp up ETH acquisitions. The move represents more than a five-fold increase from the previous $5 billion fundraise, which BitMine has already fully utilized. According to the latest SEC filing, BitMine’s equity offering will be handled by Cantor Fitzgerald & Co. and ThinkEquity LLC, with commissions of up to 3% on gross proceeds. Stock will be sold via various channels, including direct NYSE American trading, where BitMine trades under the symbol BMNR. As of Monday, BitMine holds over 1 million ETH, valued near $5 billion, making it the largest corporate holder of Ethereum. Recently, Nasdaq-listed firm Fundamental Global stated an ambitious target is to own 10% of ETH’s total supply. At press time, Ethereum is trading at $4,480 at a market capitalization of $540 billion. To match the 10% target, the firm is still expected to announce a similar expanded fundraising. This could fuel aggressive bullish ETH positions among short-term investors and speculative traders looking to front-run the…
The post BitMine Files to Raise Ethereum Purchase Plan to $24.5 Billion: Will ETH Price Rally Hit $5K? appeared on BitcoinEthereumNews.com.
Key Notes BitMine increased its equity program from $5B to $24.5B, representing a five-fold expansion for Ethereum purchases. Technical analysis shows ETH breaking above $4,500 for the first time since 2021 with bullish momentum indicators. The firm currently holds over 1 million ETH worth $5B, making it the largest corporate Ethereum holder globally. Ethereum BTC $120 162 24h volatility: 1.2% Market cap: $2.39 T Vol. 24h: $46.62 B price traded as high as $4,515 on Binance on Tuesday, Aug. 12, rising 6.31% in its largest single-day gain since July 10. The rally comes as BitMine Immersion Technologies announced an expansion of its Ethereum purchase fundraising. BitMine, led by Fundstrat founder and CIO Thomas “Tom” Lee, has filed to increase its at-the-market equity program by $20 billion, bringing its total capacity to $24.5 billion. Proceeds from the expanded program will be used to ramp up ETH acquisitions. The move represents more than a five-fold increase from the previous $5 billion fundraise, which BitMine has already fully utilized. According to the latest SEC filing, BitMine’s equity offering will be handled by Cantor Fitzgerald & Co. and ThinkEquity LLC, with commissions of up to 3% on gross proceeds. Stock will be sold via various channels, including direct NYSE American trading, where BitMine trades under the symbol BMNR. As of Monday, BitMine holds over 1 million ETH, valued near $5 billion, making it the largest corporate holder of Ethereum. Recently, Nasdaq-listed firm Fundamental Global stated an ambitious target is to own 10% of ETH’s total supply. At press time, Ethereum is trading at $4,480 at a market capitalization of $540 billion. To match the 10% target, the firm is still expected to announce a similar expanded fundraising. This could fuel aggressive bullish ETH positions among short-term investors and speculative traders looking to front-run the…
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