tl;dr
BitMine, the largest corporate holder of Ethereum, filed with the SEC to expand its stock offering by $20 billion, increasing its total equity offerings to about $24.5 billion. After the offering, BitMine expects 173.5 million shares outstanding. The funds will be used for working capital, further E...
BitMine, the largest corporate holder of Ethereum, submitted a filing with the US Securities and Exchange Commission (SEC) on August 12 to expand its stock offering by $20 billion. This filing supplements the company’s earlier at-the-market (ATM) equity program valued at $4.5 billion, pushing BitMine’s total equity offerings to approximately $24.5 billion, nearly five times its previous capacity.
Post-offering, BitMine expects around 173.5 million shares of common stock to be outstanding. The raised funds are earmarked for working capital, additional Ethereum acquisitions, debt repayment, income-generating asset purchases, and other corporate requirements. This expansion followed swiftly after BitMine’s announcement of acquiring 317,126 ETH in the past week, bringing its total holdings to 1.15 million ETH, which is valued at over $5 billion at current market prices.
Market analysts suggest that BitMine’s recent funding efforts could enable it to secure up to 5% of Ethereum’s total supply. The company's aggressive Ethereum accumulation strategy has notably propelled its stock value upward. A study from Pantera Capital highlighted that BitMine increased its Ethereum per share (EPS) substantially within the first month of executing its ETH-focused strategy.
Pantera Capital noted, “BitMine has accumulated more ETH in its first month than the Strategy did in its first six months executing the strategy,” illustrating the rapid pace and scale of BitMine’s Ethereum buildup and its positive impact on the company’s stock performance.