Bitmine Immersion Technologies (NYSE: BMNR) witnessed its stock surge over 60% in massive gains over the last 5 days as Ethereum, the firm’s focused treasury token, rallied, nearly reaching its all time high of $4891 today.
Currently, BMNR is up 11%, trading for $69.85 after surging from $65.89 during early trading hours. One catalyst that propelled the stock is the company’s new plan to raise $24.5 billion through a massive common stock sale.
According to the U.S. Securities and Exchange Commission filing dated August 11, Bitmine aims to use this capital to increase its Ethereum holdings, which is already the largest among public companies.
The firm currently owns about 1.15 million ETH worth over $5 billion and intends to eventually control around 5% of the total ETH supply.
According to previous reports, the stock sale will be conducted under an at-the-market agreement with ThinkEquity and Cantor Fitzgerald. Bitmine stated the shares will be priced at $0.0001 each, which is one of the most aggressive treasury expansion moves seen in the crypto market this year.
ETH is up 5% in 24 hours
Moreover, Ethereum’s rally is also adding to the excitement. As of the time of writing, ETH is trading for $4,626, this is about a 5% surge from the previous day after reaching a daily high of $4,728 during Asia’s session hours with 28% to $65.53 billion in trading volume.
The cryptocurrency is just a few dollars away from breaking its record and investors are actively buying in through both direct purchases and exchange-traded funds.
Bitmine has been steadily increasing its ETH stash over the past three months. Earlier this year, it sold $4.5 billion worth of stock under a previous authorization. Before the latest filing, it still had $723 million in unused stock sale capacity, now joined by the fresh $20 billion allowance.
Other corporate players are also moving into Ethereum. Sharplink Gaming, the second-largest corporate ETH holder, is preparing to raise nearly $500 million to expand its reserves.
