Bitmine Immersion Plans $20 Billion Stock Issuance to Expand Ethereum Holdings

Bitmine Immersion Technologies (NASDAQ: BMNR), a leading Ethereum-focused treasury firm, has unveiled plans to issue up to $20 billion in new stock, a move aimed at accelerating its acquisition of Ethereum (ETH) and positioning itself as the largest corporate holder of the asset. The company’s goal is to secure ownership of 5% of ETH’s circulating supply.

Key Data Points

• BMNR Stock Performance: +750% YTD (as of Aug. 12 close)
• ETH Holdings: 1.15 million ETH ($4.96B)
• ETH Price: $4,583.32, up 55% in the past month

Strategic Expansion Amid ETH Rally

In a new filing with the U.S. Securities and Exchange Commission (SEC), Bitmine expanded its at-the-market (ATM) equity program to $24.5 billion, factoring in prior authorizations. The company has already raised $4.5 billion from earlier stock sales, nearly exhausting its original limit.

As of August 10, Bitmine holds 1.15 million ETH, valued at $4.96 billion, which represents about 1% of total circulation. Ethereum’s 55% monthly rally has pushed the token briefly above $4,600, while BMNR shares have surged more than 750% year-to-date, fueled by investor optimism over the firm’s aggressive accumulation.

Expert Reactions: Bold Move or Risky Gamble?

Market analysts remain split on the strategy. Luke Nolan, senior Ethereum research associate at CoinShares, called the $20 billion plan “stunning” and a clear signal of “rapid scaling intent”. In contrast, some industry observers warn that concentrated treasury plays in volatile assets expose firms to amplified market swings.

Ashok Kumar of ThinkEquity reaffirmed a Buy rating on BMNR, citing high trading liquidity and net asset value growth potential. Chairman Tom Lee defended the move, highlighting Ethereum’s “true scarcity” and Bitmine’s ability to leverage stock liquidity to outpace competitors like SharpLink Gaming (NASDAQ: SBET) and Coinbase (NASDAQ: COIN).

JUST IN: 🇺🇸 Publicly traded Bitmine Immersion to raise up to $20,000,000,000 to buy more $ETH. pic.twitter.com/mzoi43dgtW

— Whale Insider (@WhaleInsider) August 12, 2025

Market Impact and Institutional Momentum

The announcement comes as ETH edges toward its all-time high of $4,900 set in November 2021. The corporate crypto treasury model, popularized by MicroStrategy (NASDAQ: MSTR) for Bitcoin, is now gaining traction for Ethereum. Companies like GameStop (NYSE: GME) and Coinbase are also expanding ETH reserves.

BMNR’s average daily trading volume of $2.2 billion allows capital raises with minimal share price disruption. Last week, BMNR ranked as the 25th most traded U.S. equity, surpassing heavyweights like JPMorgan (NYSE: JPM) and Micron Technology (NASDAQ: MU).

Risks and Next Steps

While the plan could deliver outsized returns if Ethereum’s rally persists, a market reversal could hit both its equity valuation and token holdings. Bitmine has not detailed a precise deployment timeline for the new capital but is expected to focus on staking for yield and strategic acquisitions.

The push comes amid rising institutional adoption, supported by Circle’s June IPO and Ethereum’s dominance in stablecoin issuance. Whether Bitmine’s bet becomes a model for corporate crypto treasuries or a cautionary tale will depend on sustained ETH demand and disciplined execution.