🔥 $5K ETH Incoming? BitMine’s $24.5B Offering Ignites Bullish Surge

BitMine filed a Form 8-K with the SEC to increase its at-market offering from $4.5 billion to $24.5 billion.

The filing follows US spot ETH ETFs' first $1 billion daily net inflows.

ETH may reach $5,000 to complete a bullish pennant.

Ethereum (ETH) rose beyond $4,600 on Tuesday because to historic daily inflows of over $1 billion into US spot ETH ETFs and BitMine Immersion's (BMNR) $20 billion ATM expansion plan.

BitMine filed a Form 8-K prospectus supplement with the SEC on Tuesday to expand its ATM offering from $4.5 billion to $24.5 billion. Funds will be used to increase ETH acquisition.

BitMine filed a $2 billion ATM offering with the SEC on July 9 and increased it to $4.5 billion on July 24 via a prospectus supplement. The new offering extension by $20 billion might help the corporation reach its aim of 5% of ETH in circulation.

The company, chaired by Fundstrat CIO Thomas Lee, has the biggest publicly traded ETH treasury at 1.15 million ETH worth over $5 billion. In recent days, Ethereum co-founder and Consensys CEO Joseph Lubin's SharpLink Gaming has made two major purchase deals for $600 million to acquire additional ETH.

SoSoValue data shows US spot ETH ETFs saw $1.02 billion in net inflows on Monday, their biggest since July 2024. BlackRock's iShares Ethereum Trust (ETHA) and Fidelity Ethereum ETF (FETH) lead the flows with record daily inflows of $639.7 million and $276.9 million.

Coinglass data shows $152.72 million in Ethereum futures liquidations in 24 hours. Long liquidations total $37.38 million and short liquidations $115.35 million.

After climbing 20% in the previous week to break out of a bullish pennant, ETH is hitting $4,500 barrier. If it meets the pennant's goal, measured by projecting the pole's height from a breakout point, the top cryptocurrency might extend its rise to a new high over $5,000.

ETH must exceed its November 2021 all-time high of $4,868 to make such a leap.

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