BitMine Immersion Plans to Raise Up to $20 Billion for ETH Purchases

BitMine Immersion Technology (BMNR) is increasing its stock sale program, aiming to raise up to $20 billion to purchase more ETH. The company previously authorized $4.5 billion in stock sales and has nearly completed this allotment, with only $723 million remaining.

  • BMNR's stock rose 4% in pre-market trading.
  • The firm aims to accumulate ETH and stake tokens for yield, targeting 5% of the total ETH supply.
  • As of August 10, BMNR has almost $5 billion in ETH holdings.
  • The stock ranks as the 25th most traded among U.S.-listed companies, surpassing JP Morgan and Micron in average daily trading volume.
  • High trading volume enables the firm to raise funds with minimal impact on stock price.