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BitMine is increasing its stock sale plan from $4.5B to $24.5B.
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Funds will mainly be used for Ethereum purchases.
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BitMine now holds 1.15M ETH, the largest public treasury.
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Chairman Tom Lee sees potential ETH prices above $30K.
BitMine Increases Equity Offering
BitMine Immersion Technologies has filed with the SEC to boost its at-the-market stock sale program by $20 billion, raising the total to $24.5 billion. The company says the funds will mainly be used to buy more Ethereum for its treasury, but could also go toward Bitcoin purchases and mining expansion.
The move follows earlier increases, with the program originally set at $2B in July before being raised to $4.5B later that month.
Ethereum Holdings Reach Record Levels
BitMine recently became the first public company to hold over 1 million ETH, now totaling 1.15 million ETH worth about $5 billion. On Monday, it bought an additional 317,000 ETH.
Chairman Tom Lee believes Ethereum could see a “2017 Bitcoin moment,” with potential prices hitting $30,000 or more if current trends in regulation and institutional adoption continue.
Market Impact and Competition
Other major Ethereum treasury holders include SharpLink with 598,800 ETH and The Ether Machine with 345,400 ETH. Analysts at Standard Chartered believe such treasury firms could eventually control 10% of all ETH.
