🚀 Bitmine Stocks Soar 60% in Just 5 Days as ETH Rally Ignites Crypto Frenzy

When Ethereum sneezes, crypto stocks catch fire—and Bitmine just got scorched by a 60% surge in half a week. The mining firm's shares rode ETH's bullish wave, proving once again that in crypto, momentum is the only fundamental that matters.

Wall Street analysts scramble to upgrade price targets while retail FOMO kicks in—because nothing fuels a rally like watching your neighbor's portfolio moon. Meanwhile, institutional investors quietly dust off their 'blockchain disruption' PowerPoints from 2017.

The real question? Whether this is sustainable growth or just another speculative bubble waiting for the next 'macroeconomic headwind' excuse to pop. Either way, someone's getting rich—and it's probably not you.

According to the U.S. Securities and Exchange Commission filing dated August 11, Bitmine aims to use this capital to increase its ethereum holdings, which is already the largest among public companies. 

The firm currently owns about 1.15 million ETH worth over $5 billion and intends to eventually control around 5% of the total ETH supply.

According to previous reports, the stock sale will be conducted under an at-the-market agreement with ThinkEquity and Cantor Fitzgerald. Bitmine stated the shares will be priced at $0.0001 each, which is one of the most aggressive treasury expansion moves seen in the crypto market this year.

ETH is up 5% in 24 hours

Moreover, Ethereum’s rally is also adding to the excitement. As of the time of writing, ETH is trading for $4,626, this is about a 5% surge from the previous day after reaching a daily high of $4,728 during Asia’s session hours with 28% to $65.53 billion in trading volume.

The cryptocurrency is just a few dollars away from breaking its record and investors are actively buying in through both direct purchases and exchange-traded funds.

Bitmine has been steadily increasing its ETH stash over the past three months. Earlier this year, it sold $4.5 billion worth of stock under a previous authorization. Before the latest filing, it still had $723 million in unused stock sale capacity, now joined by the fresh $20 billion allowance. 

Other corporate players are also moving into Ethereum. Sharplink Gaming, the second-largest corporate ETH holder, is preparing to raise nearly $500 million to expand its reserves. 

Also Read: Bullish crypto exchange Raises $1.1B in NYSE IPO