Bitmine, the largest company owner of Ethereum, submitted A submission of 12 August to the US Securities and Exchange Commission (SEC) to expand its supply offer by $ 20 billion.
The archiving supplements of the earlier AT-the-Market (ATM) stock program of the company worth $ 4.5 billion.
Bitmine’s supply offer is now around $ 24.5 billion, almost 5x the previous total capacity. The company expects around 173.5 million shares of ordinary shares to be outstanding as soon as the offer is closed.
According to the submission, the proceeds go to working capital, more Ethereum acquisitions, reimbursement of debts, income-generating assets purchases and other business needs.
This expansion comes less than 24 hours after Bitmine revealed that it had purchased 317,126 ETH last week. That acquisition brought its total possession to 1.15 million ETH, worth more than $ 5 billion at current prices.
In the meantime, market observers have noticed that the latest financing spush from Bitmine could help to secure 5% of the total range of Ethereum.
Ethereum lifts Bitmine stock
The aggressive Ethereum -Accumulation strategy of Bitmine has considerably stimulated its share value.
A report from Pantera Capital shown That the company considerably increased its Ethereum per share (EPS) in the first month after the launch of its ETH-oriented strategy.
According to Pantera:
“Bitmine collected more ETH in the first month than strategy (formerly MicroSstrategy) performed the strategy in its first six months.”
At the end of June, the Bitmine shares were each priced at $ 4.27 each, just above $ 4 net asset value (NAV) per share. The share had risen to $ 51 by August, which marked an increase of 1,100% in just over a month.
According to Pantera, the increase in the share price was mainly driven by an increase in ETH per share (around 60%), an increase in the price of $ 2,500 to $ 4,300 (approximately 20%) and a slight boost of the expansion (approximately 20%).
Data from Google Finance shows that the momentum has not been delayed and is traded on the press of almost $ 60.
