BMNR Plans $20B ATM to Accumulate ETH — Total Raise Now $24.5B

I note that Nasdaq-listed bitcoin miner BMNR has announced plans to raise an additional $20 billion via an at-the-market (ATM) equity offering to fund further Ethereum (ETH) purchases. This move is part of a strategic ETH accumulation program by the bitcoin mining company.

I point out that Bit Mining's original capital-raising target was $2 billion, which was already increased to $4.5 billion on June 24. With this new $20 billion issuance added to the existing $4.5 billion, the company's total funding objective now stands at $24.5 billion.

As of the 10th, I report that Bit Mining holds 1,152,263 ETH, valued at approximately $4.96 billion, making it one of the largest corporate ETH holders. Bloomberg has also noted that South Korean investors have been increasing their positions in BMNR shares since July.