Ethereum stock market giant wants much more ETH, wants to pick up $ 20 billion extra

We have recently seen that the public Ethereum (ETH) holders are starting to screw their purchase policy. Bitmine Immersion Technologies, which is currently the largest business ETH owner, is also implementing his plans. It recently announced a new plan of dozens of billions, but not everyone is happy with it.

Second increase in three weeks

Bitmine Immersion Technologies has submitted an official application to the US Securities and Exchange Commission (SEC) to significantly increase its ATT-Market stock issue to $ 24.5 billion.

The proceeds are intended to achieve their goal: have 5 percent of all ETH in circulation. It is an ambitious plan that, with the current circulating stock, amounts to around 6.35 million ETH. That would be good for a total value of approximately 26.6 billion dollars.

It is striking that this is already the second increase in a short time. On 24 July the amount was already raised from 2 billion to 4.5 billion dollars. Now another 20 billion is added.

For those who don’t know, an ATth-Market issue means that companies retain the flexibility to sell new shares at any time at the current market price. The advantage is that it can pick up capital so quickly when needed. The disadvantage, however, is that existing shareholders see their interests watered down.

The disappointment among shareholders is clearly noticeable. The news ensured that the company’s share had to endure a big slap. The fair has only just been open, but we are already seeing that the shares have ended up in a free fall. This is how the race started at $ 62.24, but at the time of writing it is at $ 57.53. That is a decrease of 7.5 percent in just a few minutes.

Bitmine remains by far the largest ETH holder

The purchases follow at Bitmine rapidly. The company recently broke through the milestone of 1 million ETH. At the moment the counter is well above, approximately 1.2 million ETH, good for around $ 5.06 billion.

This makes the company well at the top of the list of public Ethereum holders. For comparison: the number two, Sharplink Gaming, has 598,800 ETH in possession, with a value of 2.64 billion dollars.

Other companies also make their attempt to strengthen their position in the Ethereum market. Fundamental Global wants to raise up to 5 billion dollars through a ‘shelf registration’, intended for building a huge Ethereum reserve. If the full amount is invested in ETH, the company would be equal with Bitmine in one fell swoop.