BitMine Immersion Technologies (AMEX:BMNR) has significantly expanded its stock sale capacity, outlining plans to raise up to $24.5 billion to accelerate Ethereum acquisitions.
What Happened: According to a supplementary prospectus filed with the U.S. Securities and Exchange Commission, the Ethereum (CRYPTO: ETH) treasury company increased the maximum total of common stock it may sell under its Controlled Equity Offering Sales Agreement to $24.5 billion.
This total includes up to $2 billion authorized under its original prospectus, $2.5 billion under a prior supplement, and an additional $20 billion authorized under the newly filed supplement.
Prior to this update, BitMine reported that it had already completed sales under the program totaling roughly $4.5 billion, alongside a small additional issuance of $723 worth of stock.
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Why It Matters: The announcement drew market attention, as the firm is expected to channel proceeds primarily into purchasing ETH.
Following the filing, Ethereum's price rose above $4,400, reflecting investor anticipation of large-scale institutional demand.
BitMine, which positions itself as a major Ethereum treasury vehicle, has been expanding its holdings amid a broader surge in corporate crypto accumulation.
The company has not provided a specific timeline for deploying the new capital but has consistently indicated its long-term strategy to grow ETH reserves.
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