BitMine Expands Ethereum Purchase Plan to $24.5B, Charts Path to $5K
BitMine expanded its Ethereum purchase plan from $5 billion to $24.5 billion via an at-the-market equity program, triggering a 6.3% ETH price rally to $4,515. According to the SEC filing, Cantor Fitzgerald and ThinkEquity will manage the stock issuance at up to 3% commission.
The firm, trading under the NYSE American symbol BMNR, already holds over 1 million ETH (≈$5 billion), making it the largest corporate Ethereum investor. BitMine aims to build a 10% stake of total ETH supply, with further fundraising expected.
Technicals show ETH price breaking above $4,500 for the first time since 2021. The MACD has turned bullish, with minimal resistance until $4,820 and a potential run to $5,000. A sustained ETH price close above $4,500 could fuel momentum buying, while a drop below $4,277 would signal waning strength.
Bullish
BitMine’s $24.5 billion equity offering to acquire Ethereum is a strong bullish catalyst. Past large-scale corporate buys—such as Grayscale’s GBTC accumulations—have driven sustained rallies by tightening supply and signaling confidence. The immediate 6.3% ETH price jump confirms strong demand absorption.
Short-term traders may front-run BitMine’s planned purchases, fueling further momentum. The MACD bullish crossover and a clear path to resistance levels at $4,820 and $5,000 suggest additional upside. Moreover, BitMine’s ambition to hold 10% of ETH supply underlines significant institutional conviction, often followed by expanded market participation.
In the long term, consistent institutional acquisitions can reduce available floating supply, leading to higher price floors. While the large equity issuance might introduce selling pressure if BitMine issues more shares, the net effect is likely bullish given Ethereum’s robust fundamentals and growing institutional adoption. Therefore, this news is expected to reinforce upward trends and attract further buyer interest.