BitMine Stock Plummets 6% Amid $24.5B Common Stock Expansion Plan
BitMine's bold $24.5 billion stock raise backfires—investors flee as shares tank.
Market recoils: The crypto-mining giant's filing triggers instant sell-off, slicing 6% from its valuation in a single session. Wall Street's algo-traders didn't even wait for the coffee to brew.
Dilution fears: That mountain of new shares spells trouble for existing holders—classic 'print now, ask questions later' corporate strategy. But hey, at least the investment bankers get their fees upfront.
Crypto connection: While Bitcoin holds steady, mining stocks prove once again they're the leveraged beta play from hell. Perfect for masochists who think weekend volatility isn't thrilling enough.
Another day, another nine-figure capital raise disguised as 'strategic growth.' Just don't look at the shareholder dilution fine print—it's written in disappearing ink.
BitMine increases its Ethereum holdings
BitMine ($BMNR) just filed to expand its at-the-market equity program by $20B, a 5x increase in issuance capacity, to fund more ETH purchases.
▶️ Prior authorized: $4.5B
▶️ New supplement: +$20B
▶️ Total capacity: $24.5B pic.twitter.com/DdFMiwesBk
— matthew sigel, recovering CFA (@matthew_sigel) August 12, 2025
The crypto mining company has added $2 billion worth of ETH to reach a total of $4.96 billion worth of the digital asset in its holdings. The firm now holds the largest ETH treasury globally, accounting for roughly 1% of all tokens in circulation. It also said its goal is to eventually acquire 5% of the world’s outstanding ETH tokens.
BitMine launched the first at-the-market offering on July 9 through a sales agreement with Cantor Fitzgerald and ThinkEquity. It revealed that the initiative allowed it to sell shares of its common stock from time to time at market prices.
“We are leading crypto treasury peers by both the velocity of raising crypto NAV and by the high trading liquidity of our stock.”
–Tom Lee, Chairman of the Board of Directors at BitMine.
The firm disclosed that it will sell $2 billion under the prospectus, $2.5 billion under the prior prospectus supplement, and an additional $20 billion under the current prospectus supplement. It also revealed that prior to Tuesday’s prospectus supplement, it was able to sell approximately $4.5 billion under the prior prospectus.
The crypto mining company also acknowledged that it WOULD file another prospectus supplement providing all information regarding any method of distribution other than the sales of its shares through the NYSE. Cantor will act as BitMine’s sales agent using its commercial normal trading and sales practices. No funds are expected to be received in any escrow or trust.
According to the report, Cantor will be compensated with a commission rate of up to 3% of the gross proceeds from each sale of BitMine’s common stock. The crypto firm also noted that the SEC had not yet approved the prospectus supplement.
On-chain data revealed that BitMine’s stock is currently one of the most traded stocks in the U.S. The firm’s shares have traded at an average daily volume of $2.2 billion, a 5-day average as of August 8. The company now ranks 25th, behind Costco Wholesale at 24th and ahead of JP Morgan at 27th.
South Korean investors favor BitMine stock
BitMine is also seeing an increase in large institutional players interested in its stock in South Korea. The country’s custody agency revealed that South Korean investors have poured a net $259 million into the stock since July, making the company the top overseas stock purchase in South Korea.
South Koreans seem to be lured to investing in BitMine’s stocks instead of buying ethereum directly. Since crypto companies started adopting digital assets as financial strategies in the stock market, there has been a surge in investors in such funds as a way to counter crypto volatility.
Ethereum’s price surged by 52% from $2,500 to $3,800 in July. At the same time, BitMine’s stock (BNMR) ROSE by roughly 193% from $46 on July 1 to a peak of $135.
However, at the time of publication. Ethereum is currently exchanging hands at an all-time high of $4,423.7, a 23.34% increase in the last 7 days. BNMR’s price has only slightly rebounded to $58.98, which seems to attract South Koreans more. The country’s largest cryptocurrency exchange, Upbit, also recorded an ETH trading volume of $111.1 billion for July.
South Koreans have also increased their investments in other crypto-linked stocks, with a focus on stablecoin-related companies. The top 50 net-bought stocks by South Koreans surged by 36.5% in June and around 31% last month, according to data from the Korea Center for International Finance (KCIF).
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