BitMine Raises ATM Share Limit to $24.5B for ETH Purchases
BitMine Immersion Technologies has filed with the U.S. SEC to raise its at-the-market (ATM) share sale limit from $4.5 billion to $24.5 billion. This marks the third expansion since July, after initial $2 billion and $4.5 billion authorizations. The company will use the new funds primarily to purchase additional Ethereum (ETH) and invest in Bitcoin (BTC), alongside plans to grow its crypto mining and consulting operations. BitMine currently holds over 1.15 million ETH, making it the largest corporate Ethereum treasury. Fundstrat chairman Tom Lee anticipates further institutional support and regulatory clarity will fuel an ‘Ethereum MicroStrategy’ era, potentially driving ETH prices above $30,000. At press time, ETH trades near $4,700, reflecting strong market momentum and growing whale activity.
Bullish
BitMine’s decision to expand its ATM share sale program to $24.5 billion signals strong institutional confidence in Ethereum, as the bulk of proceeds are earmarked for ETH purchases. The firm’s growing 1.15 million ETH treasury underscores rising corporate demand, while Tom Lee’s ‘Ethereum MicroStrategy’ outlook and price target above $30,000 further reinforce positive sentiment. In the short term, additional large-scale ETH acquisitions may tighten supply and support price gains; in the long term, continued institutional inflows and expanding corporate treasuries could sustain bullish momentum.