Is This Company Behind the Ethereum Rally? The Giant Company Announces a New $20 Billion Move, ETH is Close to Breaking Its Previous ATH!

BitMine, the largest Ethereum (ETH) treasury company, has announced its new move to acquire more ETH.

Accordingly, Bitmine, led by market prophet Tom Lee, applied to the SEC to sell up to $20 billion in shares to acquire more ETH.

According to Reuters, Bitmine has filed a motion with the SEC to increase its on-market equity program from $4.5 billion to $24.5 billion to fund more ETH purchases.

The company initially entered into an agreement with Cantor Fitzgerald and ThinkEquity to sell up to $2 billion of common stock at market price, initially on July 9. On July 24, it filed an amendment with the SEC to increase the offering amount to $4.5 billion.

The company recently announced that it has filed a new application with the SEC to increase its stock offering to $24.5 billion.

Bitmine, chaired by Tom Lee, emerged as the company with the largest Ethereum treasury with 1.15 million ETH worth approximately $5 billion, continuing its leadership with its Ethereum treasury holdings and becoming the first company to surpass the 1 million ETH mark.

Ethereum (ETH) Surpasses $4,400!

As whales and institutional investors continue to buy ETH heavily, the price of Ethereum has surpassed $4,400. At this point, ETH is 11% away from breaking its all-time high set in November 2021.

Standard Chartered executive Geoffrey Kendrick stated in a recent report that Ethereum treasury companies are “still in their infancy,” will continue to accumulate ETH, and over time, they could increase their holdings tenfold, reaching 10% of all ETH.

*This is not investment advice.

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