Tom Lee’s BitMine Immersion Seeks to Raise $20B

The firm, once a Bitcoin mining company, has pivoted sharply toward Ethereum under the leadership of Thomas Lee of Fundstrat Global Advisors. BitMine's long-term strategy: build one of the world’s largest ETH treasuries and become a dominant player in Ethereum staking.

Nearly $5 Billion in ETH Already Acquired

As of August 10, BitMine reports holding nearly $5 billion worth of Ethereum, a rapid accumulation that signals the company's serious intent to scale. Their public ambition? To acquire 5% of Ethereum’s total circulating supply, a goal that would place BitMine among the largest non-foundation ETH holders globally.

To fund this aggressive accumulation, BitMine is significantly expanding its capital-raising efforts.

A Massive $20B Offering Initiative

BitMine has already authorized $4.5 billion in share sales through existing agreements with Cantor Fitzgerald and ThinkEquity. However, only $723,000 of that initial allocation remains, according to the latest SEC filing—indicating that the majority of the funds have already been deployed.

Now, the company is aiming far higher: up to $20 billion in additional equity offerings.

Strategic Advantage: Liquidity and Trading Volume

One major reason BitMine can pursue such a capital-intensive strategy is the unusually high liquidity of its shares. According to recent disclosures, BMNR stock was ranked as the 25th most traded U.S.-listed company by average daily volume—surpassing blue-chip giants like JP Morgan and Micron.

This elevated trading volume allows BitMine to issue new shares with minimal dilution and reduced impact on the stock price—a rare advantage for a growth-stage crypto-focused firm.

In pre-market trading, BMNR shares rose 4% following the announcement, signaling some early investor confidence in the company’s ETH-centric strategy.

Ethereum Staking as a Core Business Model

BitMine isn’t just buying and holding ETH—it’s also staking its assets to earn yield, turning its Ethereum treasury into a revenue-generating engine. This puts the firm in direct competition with other ETH-focused public companies like SharpLink Gaming (SBET), and potentially opens the door for new staking-as-a-service business lines.

The Bigger Picture

BitMine's aggressive Ethereum strategy represents a new wave of institutional crypto investment—one that goes beyond Bitcoin and embraces Ethereum’s role in decentralized finance (DeFi), smart contracts, and staking economies.

If successful, BitMine could help redefine what a publicly traded blockchain firm looks like in the Ethereum era—less mining, more staking, and a balance sheet backed by crypto assets instead of traditional fiat reserves.

Stay tuned for more coverage on BitMine’s capital raise, ETH strategy, and its implications for crypto markets and public equity investors.