'Ethereum Reserve' Bitmine to Raise an Additional $20 Billion

JOON HYOUNG LEE

Summary

It was reported that Bitmine submitted a stock offering application to the U.S. SEC to newly raise funds worth $20 billion.
It was stated that the funds are expected to be used for additional Ethereum purchases.
Bitmine currently holds about 1.15 million Ethereum, which is valued at approximately $5 billion, and it was reported that Ethereum’s price surpassed $4,400.

Bitmine, a Bitcoin (BTC) mining company that holds the largest amount of Ethereum (ETH) among listed companies worldwide, will raise a new round of funding amounting to $20 billion (approximately ₩27.8 trillion).

According to foreign media such as CoinDesk on the 12th (local time), Bitmine submitted an application to the U.S. Securities and Exchange Commission (SEC) on this day for a $20 billion stock offering. The funds are expected to be used for additional Ethereum purchases.

Last month, Bitmine also consecutively submitted stock offering applications to the SEC totaling several billion dollars to secure funds for purchasing Ethereum. CoinDesk reported, "(Bitmine) has doubled its stock sale program aiming for additional Ethereum purchases."

Previously, on the 11th, Bitmine also purchased 317,000 Ethereum. Bitmine currently holds approximately 1.15 million Ethereum, amounting to a value of $5 billion.

Meanwhile, on this day Ethereum's price surpassed $4,400. As of 10:19 p.m. on CoinMarketCap, Ethereum was being traded at $4,408.92, up 5.38% from the previous day.

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