Key Takeaways
- BitMine plans to raise $24.5 billion through common stock sales to expand its ETH treasury.
- Already the largest corporate ETH holder, BitMine’s current holdings are valued at over $5 billion.
- Institutional and corporate demand for ETH has surged to record highs in 2025.
Ethereum treasury heavyweight BitMine is making a massive bet on ETH, announcing plans to raise $24.5 billion via stock sales to grow its already market-leading holdings.
With 1.15 million ETH worth more than $5 billion, BitMine is currently the largest corporate Ethereum (ETH) holder .
The stock sale signals an aggressive push to accumulate even more, mirroring the Bitcoin (BTC) playbook used by Strategy (formerly MicroStrategy).
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BitMine Follows the Strategy Model — But for ETH
In a filing with the U.S. Securities and Exchange Commission (SEC) , the Bitcoin mining-turned-Ethereum treasury firm detailed plans for a $24.5 billion at-the-market (ATM) stock sale, with shares priced at $0.0001 each.
This follows earlier stock offerings totaling $4.5 billion, underscoring BitMine’s rapid pivot toward ETH over the past three months. The company shows no signs of slowing down.
They’re not alone — Sharplink Gaming, the second-largest corporate ETH holder, is also gearing up to raise nearly $500 million to bolster its Ethereum reserves.
While Bitcoin treasuries became the norm in 2020, ETH only emerged as a serious corporate treasury asset in 2025.
Now, BitMine’s strategy is clear: raise capital at scale, just as Strategy did for Bitcoin, and multiply its ETH stash by four.
ETH Price Nears Record Highs
Soaring institutional and corporate demand has pushed Ethereum to a four-year high above $4,600, putting it within striking distance of its all-time high.
ETH spent much of the last bull run stuck under $3,000, but in the past two months, prices have surged despite delays in technical upgrades, a sign that the market is responding more to demand dynamics than development timelines.
The scramble among public companies to secure ETH has created short-term supply squeezes on OTC desks and exchanges.
Some analysts see this demand driving ETH toward $10,000 in the current bull run, while BitMine CEO Tom Lee has gone further, predicting long-term prices above $80,000.
