Bitmine Immersion Raises $24.5 Billion for ETH Dominance
Cryptocurrency mining giant Bitmine Immersion has announced a significant expansion of its fundraising efforts, now targeting $24.5 billion through common stock sales. This move aims to solidify its position as the world's largest Ethereum treasury, reflecting a growing trend of publicly traded firms accumulating ETH.
The company plans to offer shares at $0.0001 each. This expansion follows an initial $4.5 billion target. While the exact allocation for ETH purchases remains undisclosed, the strategy mirrors the approach taken by companies like MicroStrategy with Bitcoin.
Other firms such as Sharplink Gaming, BitMine, EtherMachine, and Bit Digital are also building substantial ETH treasuries. Analysts project these corporate holdings could eventually represent 10% of circulating Ethereum supply. This increased corporate demand has contributed to ETH's recent price surge, nearing its all-time high.