BitMine Immersion Technologies goes big with a plan to raise 20 billion USD to accumulate ETH, ETH price surpasses 4,600 USD

BitMine Immersion Technologies has made an ambitious move by filing with the SEC to increase its stock issuance limit to 24.5 billion USD, with the primary goal of scaling up its Ethereum accumulation ($ETH ).

Unprecedented ambition for ETH accumulation

This plan demonstrates BitMine's ambition to become a major player in the Ethereum market. Currently, the company holds over 1.15 million ETH, worth approximately 5.27 billion USD, accounting for about 0.95% of the total supply. With this new fundraising plan, BitMine aims to increase its holdings to up to 5% of the global total supply of ETH.

Analysts have likened this strategy of #Bitmine to the "Michael Saylor of Ethereum," as the company adopts a stock issuance model to buy digital assets, similar to how Strategy (MicroStrategy) did with Bitcoin.

Motivation and predictions for Ethereum

Tom Lee, Chairman of BitMine, believes that Ethereum is at a similar point to Bitcoin in 2017 and could reach the milestone of 30,000 USD thanks to three main drivers: a favorable regulatory framework for stablecoins, the openness of the SEC, and the involvement of major financial institutions.

Immediately following this news, the ETH price increased by over 7% in 24 hours, surpassing the 4,600 USD mark, just under 200 USD away from the all-time high (ATH). BitMine's stock also surged, reflecting market optimism about the company's strategy. #anhbacong