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BitMine aims to raise 24.5 billion dollars in ETH investment.
The race to buy Ether among businesses is accelerating as the two largest holders of Ether in the world raise funds to purchase more of the world's second-largest cryptocurrency, which is approaching its historical peak.
The Bitcoin mining company (BTC) publicly listed BitMine Immersion Technology is seeking to raise $24.5 billion through a new stock issuance in the form of "at-the-market" (ATM) to purchase additional Ether tokens (ETH) at a price of $4,425, according to a filing with the U.S. Securities and Exchange Commission (SEC) on Tuesday.
This move coincided with SharpLink, a company managing enterprise cryptocurrency assets, completing a fundraising of $389 million through the sale of common stock to several institutional investors. "We intend to use almost all of the funds raised to buy Ether," the SEC filing stated.