Ethereum treasury company Bitmine Immersion plans to issue $20 billion worth of stock to buy more ETH

BitMine Gemersion Technologies (BMNR) increased by up to 5 % in the opening bell on Tuesday after ETHEREUM (ETH-UsD) increased by another 5 % to circulate north by $ 4400, and the company announced plans to sell up to another $ 20 billion of shares to increase its shares in encrypted currencies.

BitMine, led by the Board of Directors of the Investor, announced on Monday that its eTH shares amounted to $ 4.96 billion, or more than 1.15 million symbols, which means that the company owns about 1 % of all the symbols.

The company’s goal is to eventually get 5 % of the symbols symbols in the world. Monday news pushed above 14 %. The arrow rose more than 600 % this year.

“We are driving the coded treasury peers through both the speed of lifting the coding of the arrow, and by the high commercial liquidity of our share,” Tom Lee said in a press statement announcing the latest purchase of the ether through the high circulation of our stock.

BitMine is one of a group of “Treasury Companies”, and it is a highly leading strategy in Michael Silor’s strategy (MSTR), which carries large amounts of bitcoin in its public budget.

In clear phrases, companies that follow the shares of the strategy issuance and used revenues from the issuance to purchase cryptocurrencies that are kept in their public budget.

Another of the main market holders of the ETH, along with a bench, witnessed, Cryptocurrency Broker Coinbase (COIN), more than 2 % in pre -market trading on Tuesday. Coinbase runs one of the largest transactions processing chains on ETAREUM with more than 100,000 symbols, at a value of more than $ 500 million, according to Coindesk.

The Crypto Treasury strategy attracted a variety of companies, including permanent Game-Stock Gamestop, which in March announced that Bitcoin puts Bitcoin in its public budget, and Eth Treasury Holder Sharplink Gaming (SBET).

Ether rose during the past month, with more than 50 % increased by more than $ 4,400 per code. The cryptocurrency has not yet designed a high watermark of more than $ 4,600, which it achieved in October 2021.

Bitcoin, relatively, increased slightly over 1 % over the past month.

ETHER got a blessing in June with the very successful public subscription to the Fintech Giant Circle Internet Group (CRCL), which offers Stablecoin USD. Ethereum has also gained widespread recognition as the preferred ecosystem for most Stablecoin mining operations, according to Kindsk.

Jake Conley is an urgent news correspondent covering American stocks to finance Yahoo. Follow it on X on BYJAKECONYY or send it by email Jake.conley@yahoink.com.