Increased Ethereum Funding for BitMine by Tom Lee Totals $20 Billion
In a significant move that has sent ripples through the cryptocurrency market, Bitmine Immersion, a leading cryptocurrency mining company, has announced an expansion of its fundraising target for purchasing Ethereum (ETH). The company is now aiming to raise an unprecedented $24.5 billion, a dramatic increase from the initially available $4.5 billion worth of shares.
This substantial capital raise is a testament to the strong institutional confidence in ETH and is expected to further fuel Ethereum’s market momentum. Bitmine Immersion’s strategy to issue common stock to buy ETH has been a major factor underpinning Ethereum’s market performance.
As of publication time, Bitmine Immersion has already accumulated over $2 billion worth of Ethereum tokens. The company is selling its common stock for $0.0001 per share, and it has already raised $4.5 billion from the sale of its common stock.
The price of Ethereum has skyrocketed due to publicly traded companies, including Bitmine Immersion, snapping up greater amounts of Ethereum. As of writing time, ETH is trading just below $4,500, up 50% in the past month and more than 70% year-to-date. The price of Ethereum is less than 9% below its all-time high of just above $4,900 hit in November 2021.
Bitmine Immersion's stock has also seen a significant increase, with its shares recently trading at $62.05 on Tuesday, up 51% in the past month and up nearly 700% in the year to date.
The expansion of the common stock sale marks a significant shift in the cryptocurrency market, as more publicly traded firms establish Ethereum treasuries. Other firms like SharpLink Gaming, BitMine, EtherMachine, Bit Digital, and Bitmine Immersion are among those pivoting to accumulating massive amounts of Ethereum as a corporate strategy.
This corporate accumulation occurs amid an Ethereum ecosystem surge, characterized by record-high daily active addresses, soaring total value locked (TVL) in DeFi applications (~$312.6 billion), and fresh investment inflows from newly launched Ether ETFs with billions in capital entering Ethereum markets.
The combined effect of these corporate purchases and DeFi growth has been a key driver behind Ethereum’s price rally through August 2025. Nearly 80% of participants in the Myriad Linea prediction market expect Ethereum to trade over $5,000 by year-end, and these firms' Ethereum holdings could soon account for 10% of all Ethereum in circulation, according to one Standard Chartered analyst.
Despite the significant developments, Bitmine Immersion did not immediately respond to Decrypt's request for comment on the matter. It remains unclear what percentage of the proceeds from the common stock sale will be used to purchase ETH. However, Bitmine Immersion's aim is clear: to maintain its position as the world's largest Ethereum treasury.
In summary, Bitmine Immersion’s $24.5 billion common stock sale to acquire ETH exemplifies how publicly traded companies are materially impacting Ethereum's price surge by substantially increasing institutional ETH demand, complementing expanding DeFi usage and ETF inflows that altogether bolster Ethereum’s valuation and market activity.
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