Key Details:

• BitMine Immersion Technology is looking to raise $20 billion through stock sales aimed at increasing its Ethereum (ETH) holdings as detailed in a recent SEC filing.
• The firm has a target of acquiring 5% of the total Ethereum supply, having already amassed nearly $5 billion in ETH as of August 10.

BitMine Immersion Technology (BMNR), the Bitcoin mining company that transitioned to an Ethereum treasury approach under the guidance of Thomas Lee, is intensifying its stock sale program. The firm aims to raise up to $20 billion more to purchase additional ETH.

Previously, the company had authorized a stock sale of $4.5 billion which it executed through collaborations with firms like Cantor Fitzgerald and ThinkEquity. Almost all of that has been utilized, with just $723 million remaining in that allotment.

Reportedly, BMNR’s stock experienced a 4% increase prior to market opening. The strategy focuses on accumulating ETH and staking tokens for yield, placing BMNR in competition with companies like SharpLink Gaming. By August 10, it had already secured almost $5 billion in ETH, with a long-term goal of garnering 5% of the overall ETH supply.

The firm also mentioned that its stock ranked as the 25th most traded stock among U.S. listed companies, surpassing prominent stocks such as JP Morgan and Micron based on average daily trading volumes. The high trading activity allows the company to raise funds through share sales with minimized effects on stock pricing.