Key Notes
- BitMine increased its equity program from $5B to $24.5B, representing a five-fold expansion for Ethereum purchases.
- Technical analysis shows ETH breaking above $4,500 for the first time since 2021 with bullish momentum indicators.
- The firm currently holds over 1 million ETH worth $5B, making it the largest corporate Ethereum holder globally.
Ethereum
BTC
$120 180
24h volatility:
1.2%
Market cap:
$2.39 T
Vol. 24h:
$46.99 B
price traded as high as $4,515 on Binance on Tuesday, Aug. 12, rising 6.31% in its largest single-day gain since July 10. The rally comes as BitMine Immersion Technologies announced an expansion of its Ethereum purchase fundraising.
BitMine, led by Fundstrat founder and CIO Thomas “Tom” Lee, has filed to increase its at-the-market equity program by $20 billion, bringing its total capacity to $24.5 billion. Proceeds from the expanded program will be used to ramp up ETH acquisitions.
The move represents more than a five-fold increase from the previous $5 billion fundraise, which BitMine has already fully utilized.
According to the latest SEC filing, BitMine’s equity offering will be handled by Cantor Fitzgerald & Co. and ThinkEquity LLC, with commissions of up to 3% on gross proceeds. Stock will be sold via various channels, including direct NYSE American trading, where BitMine trades under the symbol BMNR.
As of Monday, BitMine holds over 1 million ETH, valued near $5 billion, making it the largest corporate holder of Ethereum. Recently, Nasdaq-listed firm Fundamental Global stated an ambitious target is to own 10% of ETH’s total supply. At press time, Ethereum is trading at $4,480 at a market capitalization of $540 billion.
To match the 10% target, the firm is still expected to announce a similar expanded fundraising. This could fuel aggressive bullish ETH positions among short-term investors and speculative traders looking to front-run the imminent whale inflows.
Ethereum Price Forecast: $5K Target in Focus After Flipping $4.5K for the First Time in 4 Years
Ethereum’s price breakout above $4,500 on Tuesday marks the first breach of this level since early 2021, with the daily chart showing strong signals for further upside.
Ethereum Price Forecast | 24H ETHUSD Chart | TradingView
The MACD histogram has flipped firmly green, with the MACD line crossing above the signal line, signaling bullish momentum. Short-term resistance is minimal until $4,820, and a clean break above that could set up a run to the psychological $5,000 mark — a level last tested only in speculative forecasts, never in price history.
If Ethereum price closes the week above $4,500 with sustained volume, it could trigger momentum buying toward new all-time highs above $5,000. On the downside, a close below $4,277 would be the first warning sign of fading momentum.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Ibrahim Ajibade is a seasoned research analyst with a background in supporting various Web3 startups and financial organizations. He earned his undergraduate degree in Economics and is currently studying for a Master’s in Blockchain and Distributed Ledger Technologies at the University of Malta.
