Bitmine plans $20B Ethereum buy after expanding equity sale capacity, boosting market interest amid bullish ETH signals.
Ethereum markets saw renewed excitement after reports linked Bitmine Immersion Technologies, Inc. to a potential $20 billion purchase of the cryptocurrency.
The speculation followed the company’s new SEC filing, which expanded its equity offering capacity and sent its shares higher. Traders and analysts noted the timing, as Ethereum’s price action showed signs of renewed upward momentum.
SEC Filing Expands Fundraising Scope
Bitmine filed a prospectus supplement authorizing the sale of up to $20 billion in new common stock. This addition raised the total potential equity sales under its Controlled Equity OfferingSM Sales Agreement to $24.5 billion.
The company had previously authorized $2 billion and $2.5 billion in earlier tranches.
According to the filing, Bitmine has sold about $4.5 billion of stock from earlier authorizations. It also noted that $723 worth of common stock remains available from prior allotments.
The expanded authorization will allow further “at-the-market” sales through designated agents Cantor Fitzgerald & Co. and ThinkEquity LLC, which can earn commissions of up to 3%.
The agents will act as underwriters under securities laws. Bitmine has agreed to indemnify them against certain liabilities under federal securities statutes. The arrangement provides flexibility for the company to raise funds through direct market sales or negotiated transactions.
Ethereum Market Momentum
Moreover, crypto investor Ted Pillows compared the move to a previous large-scale Bitcoin purchase by a well-known institutional investor.
His post drew attention to Bitmine’s potential role as a large buyer of Ethereum if funds from the stock sale are allocated toward such a purchase. This fueled online speculation about market effects in the short term.
We finally got our $ETH Michael Saylor.
Bitmine wants to buy $20,000,000,000 Ethereum.
Lets gooooooo pic.twitter.com/5XHJdnyNqf
— Ted (@TedPillows) August 12, 2025
The news arrived as Ethereum’s weekly chart showed signs of strength. ZYN, a market trader, described the asset’s recent performance as a breakout followed by a retest and bounceback. This technical pattern is often associated with strong follow-through in price movements.
On-chain tracking account Lookonchain reported that AguilaTrades, after three failed Ethereum short positions, switched to a long position worth 10,000 ETH.
At current market prices, the position represents over $43 million. The move added to growing sentiment that large-scale buying could follow the latest developments.
After three losses from shorting $ETH, AguilaTrades(@AguilaTrades) flipped to long $ETH, with a position of 10,000 $ETH($43.3M).https://t.co/LeSb2QO0PX pic.twitter.com/0GfOxKSq9u
— Lookonchain (@lookonchain) August 12, 2025
Trading Activity and Stock Performance
Following the SEC filing, Bitmine’s stock price climbed 8.58% to $64.04 during early afternoon trading. The rally came after a rebound from earlier session lows and was accompanied by higher-than-average trading volumes.
Many market participants linked the increase to the expanded fundraising potential.
The filing allows Bitmine to sell shares directly on the NYSE or other U.S. platforms at prevailing market prices. The company may also engage in privately negotiated sales through its agents if market conditions allow.
In such cases, a separate prospectus supplement would be filed before execution to meet disclosure rules.
Bitmine has not confirmed any direct Ethereum purchase plan using the newly raised funds. However, the combination of a bullish Ethereum chart, large trading positions by notable market participants, and increased fundraising capacity has drawn close attention from both equity and cryptocurrency traders.
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