Tom Lee’s BitMine Immersion Aims to Raise as Much as $20B for More ETH Buys

BitMine Immersion Technology (BMNR), the bitcoin miner that pivoted to an ether (ETH) treasury strategy under Fundstrat’s Thomas Lee’s leadership, is doubling down on its stock sale program, aiming to raise up to $20 billion more buy more ETH.

The company had previously authorized $4.5 billion in stock sales through agreements with Cantor Fitzgerald and ThinkEquity, and said it has already sold nearly all of that allotment, with just $723 left to sell.

BMNR’s stock was up 4% pre-market.

Bitmine pursues a strategy to accumulate ETH and stake tokens for a yield, competing with rivals such as SharpLink Gaming (SBET) and others. The firm has accumulated almost $5 billion in ETH as of August 10 and ultimately aims to acquire 5% of the total ETH supply.

The firm also said on Monday that its stock was the 25th most traded among U.S.-listed companies, surpassing major stocks like JP Morgan and Micron in average daily trading volume. High trading volume allows to firm to sell shares to raise funds with less impact on the stock price.