I flag Bitmine (BMNR) raising ATM to $20B to expand Ethereum holdings

I note that Nasdaq-listed bitcoin miner Bitmine (BMNR), which I follow as a strategic buyer of Ethereum (ETH), has announced it is raising its ATM (at-the-market) equity issuance target to $20 billion to fund additional ETH purchases.

I point out that Bitmine already holds 1,150,263 ETH (about $4.96 billion), making it the largest corporate holder of Ethereum, according to the report. Bloomberg also flagged that Korean investors have been increasing purchases of Bitmine shares since July.

The company’s fundraising goal has been raised twice: it started at $2 billion, was lifted to $4.5 billion on June 24 last month, and has now been increased again to $20 billion — marking a second upward revision of the target.