BitMine Raises $365M, Lifts ETH to 2% of Supply, Eyes 5%
BitMine Immersion Technologies raised $365 million by selling 5.22 million BMNR shares at $70 each and issuing warrants for 10.4 million shares at an $87.50 strike. Immediate proceeds will boost ETH holdings in its treasury to 2.42 million ETH, or 2% of supply. Warrants exercise could raise an additional $913 million, bringing total funding to $1.28 billion. Chairman Tom Lee said the funds will be used to expand ETH holdings toward a 5% supply target. ARK Invest’s purchase of 101,950 shares highlights strong institutional demand. BitMine’s prior $200 million and $65 million ETH buys account for 46% of corporate Ethereum accumulation this year. Although BMNR stock dipped 10% on Ether’s pullback to $4,200, it remains over 1,200% up since June. Analysts view this large-scale corporate buying as bullish for Ethereum, tightening supply and driving long-term ETH demand.
Bullish
BitMine’s $365M stock sale and potential $1.28B funding reinforce its long-term ETH accumulation strategy. As the largest public Ethereum treasury grows to 2% of supply with a 5% target, market supply is set to tighten. Strong institutional backing—from ARK Invest and prior $265M ETH buys—signals sustained buying pressure. This trend is likely to drive both short-term momentum and long-term price appreciation for ETH.