According to a filing with the United States Securities and Exchange Commission (SEC), BitMine Immersion Technology is seeking to raise $24.5 billion to boost its strategic Ethereum reserve. As revealed on Tuesday, the public Bitcoin mining company aims to gather the funds through a new at-the-market (ATM) stock sale offering.

In the filing, BitMine disclosed how the funds will be diverted towards its Ethereum acquisition program. That said, the latest move will solidify BitMine’s position as the largest corporate holder of the second-largest cryptocurrency by market cap. 

Currently, BitMine holds 1.2 billion Ethereum worth more than $4.9 billion with just 5 weeks into the strategic reserve program. Recall that on June 30, 2025, the Bitcoin miner launched a key initiative that focuses on acquiring about 5% of the total Ethereum in circulation.

Within that period, the company has surpassed numerous heights including the recent spending of $2 billion which makes it the largest ETH ($3,707.36) Treasury in the world. Meanwhile, the race for strategic Ethereum reserve is picking up pace as more corporate investors are raising funds to buy more ETH. 

ETH nears all-time high amid growing corporate interest 

Like BitMine, SharpLink, another top institutional crypto treasury company, also raised $389 million from common stock shares offered to selected investors. In a separate SEC filing, SharpLink said it intends to use part of the proceeds from the fundraising to buy more Ethereum. 

Also, SharpLink disclosed that some of the $389 million net proceeds will be deployed for working capital needs, general corporate purposes, operating expenses, and core affiliate marketing operations. The filing illustrated how the company has raised a total of $1.4 billion in gross proceeds from 71.5 million shares sold. 

In total, SharpLink has 598,000 ETH worth $2.64 billion, making it the second largest institutional investor of Ethereum. 

However, the increasing interest of corporate investors in Ethereum has supported the cryptocurrency to rally high in recent times. ETH, in the last 30 days increased by 48% as the cryptocurrency keeps moving north. 

At press time, Ethereum is trading at $4,447 reflecting more than 24% price increase in the last seven days. This impressive market run has seen Ethereum nearing its all-time high of $4,985 it recorded in November 2021. 

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