1. BitMine bets big on ETH: plans to raise $24.5 billion to accelerate coin hoarding.
BitMine applies to the SEC to expand its stock issuance scale to $20 billion, with a total financing amount of $24.5 billion, part of the funds will be used to increase ETH holdings.
Previously (July 9-25), the company invested $2.03 billion to purchase 567,000 ETH, currently holding 1.15 million ETH (approximately $5 billion), accounting for 1% of the circulating supply.
If the financing is completed, BitMine may become one of the largest institutional holders of ETH globally, its business model emulating MicroStrategy by raising stock prices through coin hoarding.
2. ETH price surges, institutions accelerate entry.
ETH breaks through $4600, monthly increase of 55%, with a year-to-date increase of over 70%, nearing the historical high of $4900 in 2021.
Institutional holdings surge: In July, corporate ETH holdings increased by 127.7%, reaching 2.7 million coins ($11.6 billion), with 24 new companies joining the coin hoarding ranks.
Spot ETF boost: US ETH ETF saw a net inflow of $1 billion in a single day, with institutions like BlackRock and Fidelity making significant purchases, and market FOMO sentiment running high.
3. Market impact and future trends.
BitMine stock price surges: After financing news, BMNR stock rose 4% in pre-market trading, with a cumulative increase of over 600% this year.
ETH target price raised: Technical analysis shows that if it stabilizes above $4600, the next target is $4868 (previous high), and in the long term, it is bullish to $5000-6000.
Risk warning: Short-term overbought signals (RSI close to 70), intensified short-seller liquidation increasing volatility, need to be cautious of pullback risks.
Summary: BitMine's $20 billion financing plan further strengthens the institutional trend of ETH. Combined with ETF capital inflows and corporate coin hoarding, ETH may usher in a new wave of bull market sprint.
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