🔥 $5K ETH on the Horizon? BitMine’s $24.5B Move Sparks Bullish Momentum
Ethereum (ETH) surged past $4,600 on Tuesday, fueled by record-breaking $1 billion daily inflows into U.S. spot ETH ETFs and a massive expansion of BitMine Immersion’s at-the-market (ATM) offering.
BitMine filed an updated Form 8-K with the SEC, increasing its ATM offering from $4.5 billion to a massive $24.5 billion. The company plans to use the capital to significantly increase its Ethereum holdings. Previously, BitMine raised its offering from $2 billion to $4.5 billion in July. This latest $20 billion boost signals an aggressive push toward accumulating up to 5% of the total ETH supply.
BitMine, chaired by Fundstrat CIO Thomas Lee, already holds the largest ETH treasury among publicly traded companies—1.15 million ETH, worth over $5 billion. Additionally, Joseph Lubin-led SharpLink Gaming has recently made $600 million in ETH acquisitions through two major deals.
According to SoSoValue, Monday saw a record $1.02 billion in net inflows into U.S. spot ETH ETFs, the highest since July 2024. BlackRock’s ETHA led with $639.7 million, followed by Fidelity’s FETH with $276.9 million.
Coinglass data shows $152.7 million in Ethereum futures were liquidated in 24 hours—$115.4 million from shorts and $37.4 million from longs—indicating a strong bullish tilt.
After breaking out of a bullish pennant with a 20% weekly gain, ETH is testing the $4,500 resistance level. If the breakout plays out fully, Ethereum could be on track to hit $5,000 and potentially surpass its previous all-time high of $4,868 from November 2021.
