BitMine Immersion Technologies, the largest corporate holder of Ethereum, is raising the limit on its share sale program to acquire more cryptocurrency.
Expansion of Share Sale Program
BitMine Immersion Technologies has filed with the U.S. Securities and Exchange Commission (SEC) to increase the limit of its at-the-market (ATM) share sale program to $24.5 billion. This raises the share sale limit from the previous $4.5 billion, marking the third limit increase in the past month.
Investment and Expansion Plans
The funds raised will primarily be used to purchase additional Ethereum and invest in Bitcoin, as well as to expand BitMine's mining and consulting operations. At the time of the announcement, BitMine holds over 1.15 million ETH, valued at approximately $5 billion, becoming the first company to hold more than one million Ethereum tokens in its corporate treasury.
Market Perspectives and Leadership
BitMine Chairman and Fundstrat Co-Founder Tom Lee told CNBC that Ethereum could be entering a '2017-like Bitcoin moment,' linking it to regulatory approval for stablecoins. "We may be on the threshold of the 'Ethereum MicroStrategy' era," Lee said, predicting the asset's price could reach $30,000 or more.
BitMine is actively expanding its position in the Ethereum market, betting on future growth and the evolution of the cryptocurrency sector.
