August 13, 2025
It's so crazy that when I expressed some concerns about Ethereum's recent rapid rise yesterday, it continued to break through the high-level consolidation range in the early morning, with an increase of about 7% in 20 hours. From the perspective of major players, the air force with over 20 times leverage has already fallen and has evolved into fuel for the bulls. Last night's surge was mainly due to a significant announcement from BMNR. On August 12, BMNR submitted documents to the SEC, expanding its stock offering plan from $4.5 billion to $24.5 billion, with an additional $20 billion authorized entirely for purchasing Ethereum. Based on BMNR's past operations, it has financed over $2 billion and $4.5 billion through two phases of ATM, and it has almost completely converted them into Ethereum. Therefore, it can be imagined that once the third phase of $20 billion arrives, it will quickly be converted into Ethereum.
After BMNR announced its plans, not only did the price of Ethereum surge, but BMNR's stock also saw an increase. Let me explain ATM briefly; it's essentially issuing new shares and directly hitting the market, similar to token issuance in the crypto space. Currently, BNMR has 112 million shares. If the price remains unchanged, the corresponding number of shares issued would be 432 million, diluting the original shareholders by 285%. Of course, since the newly issued shares will continue to purchase Ethereum, if the price of Ethereum continues to rise, the value of the diluted equity will also be higher. Currently, it seems that BMNR is the most aggressive executor of Ethereum's micro-strategy. Once the $20 billion financing is approved by the SEC and accepted by the market, Ethereum will attract the largest single buyer currently, making its upward momentum hard to estimate.
From the chart perspective, Bitcoin is actually facing resistance, while the ETH/BTC exchange rate has been continuously recovered. Next, we need to closely monitor the progress of Ethereum's micro-strategy. BNMR may be the most aggressive representative, but it certainly won't be the last. Many people might think of the previous Luna incident, but this financing method is somewhat different. Firstly, the previous Luna crash was mainly due to issues with the stablecoin and Luna's exchange mechanism. Secondly, the project party did not strictly purchase Bitcoin and use it for redemption. US companies will face strict regulatory restrictions. As long as the purchased Ethereum does not have issues of misappropriation, the declines of both won't lead to a bottomless stampede.
Currently, the market is still in a slightly skeptical phase regarding Ethereum's rise, especially buyers outside the US stock market are relatively rational and have not shown excessive FOMO emotions. I believe the price of $4,800 may be reached in the next two weeks. The chips in the pressure range of $4,100 have been swept away by BMNR, and it's hard to imagine how much capital will follow once this $20 billion is approved. Therefore, if all goes well, Ethereum will see a few hundred billion in new capital in the next few months. What does a few hundred billion mean? Currently, the total financing amount for all Ethereum micro-strategy companies is less than $20 billion. Think about it!
Thank you for your attention and likes. #机构疯抢以太坊
