BitMine Stock Plummets 6% After $24.5B Common Stock Raise Filing – What’s Next for Ethereum’s Largest Holder?

• Why Did BitMine’s Stock Drop 6%?
• BitMine’s Ethereum Treasury Strategy
• South Korea’s Love Affair With BitMine Stock
• How Does BitMine’s Performance Compare to ETH?
• What’s Next for BitMine?
• BitMine Stock and Ethereum: Your Questions Answered

BitMine Immersion Technologies (BMNR) saw its stock drop over 6% on August 12, 2025, after filing to increase its common stock authorization to $24.5 billion. The crypto mining giant, which now holds nearly 1% of all circulating ethereum (ETH), plans to use the funds for further ETH acquisitions. South Korean investors are flocking to BMNR as a proxy for direct crypto exposure, while institutional interest surges. Here’s the full breakdown of BitMine’s aggressive expansion strategy and market reaction.

Why Did BitMine’s Stock Drop 6%?

BitMine’s shares tumbled to $58.38 following its SEC filing to expand its at-the-market (ATM) equity program by $20 billion – a staggering 5x increase from its previous $4.5 billion capacity. Market analysts suggest the dilution fears spooked investors, though the BTCC research team notes this is typical for growth-phase crypto firms. “We’ve seen this pattern before with MicroStrategy’s bitcoin moves,” said one BTCC analyst. “Short-term pain for potential long-term gain.”

BitMine’s Ethereum Treasury Strategy

The company added $2 billion worth of ETH in July, bringing its total holdings to $4.96 billion – making it the world’s largest corporate ETH treasury. Their publicly stated goal? To eventually control 5% of all circulating ETH. “We’re leading crypto treasury peers in both velocity of raising crypto NAV and stock liquidity,” said Chairman Tom Lee. The firm’s ATM program, launched July 9 with Cantor Fitzgerald and ThinkEquity, allows share sales at market prices to fund these purchases.

South Korea’s Love Affair With BitMine Stock

Data from Korea Center for International Finance shows South Korean investors poured a net $259 million into BMNR since July – making it the country’s top overseas stock purchase. Why the enthusiasm? Local investors appear to prefer BitMine shares over direct ETH purchases, possibly due to regulatory hurdles. Upbit, South Korea’s largest exchange, recorded $111.1 billion in ETH volume during July – suggesting strong underlying demand.

How Does BitMine’s Performance Compare to ETH?

The numbers tell an interesting story:

• ETH price: +52% in July ($2,500 to $3,800)
• BMNR stock: +193% in same period ($46 to $135 peak)
• Current ETH price: $4,423.7 (all-time high)
• Current BMNR price: $58.98 (after 6% drop)

What’s Next for BitMine?

The company plans another prospectus supplement detailing alternative distribution methods beyond NYSE sales. Cantor Fitzgerald will serve as sales agent, earning up to 3% commission. Notably, BitMine’s shares are among the most actively traded U.S. stocks, with $2.2 billion average daily volume – ranking 25th between Costco and JP Morgan.