Bitmine Immersion Technologies (BMNR) stock surged 7.5% as Ethereum (ETH-USD) climbed 5% to over $4,400. The company plans to sell $20 billion in stock to amass more ETH, already holding $4.96 billion worth. Board led by investor Tom Lee aims to acquire 5% of all ETH tokens.

Bitmine is part of a trend of “crypto treasury companies,” following Michael Saylor’s Strategy (MSTR). These companies raise funds through stock issuance to purchase cryptocurrencies for their balance sheets. Coinbase (COIN) also holds over 100,000 ETH tokens valued at $500 million.

Ether’s value has increased by over 48% in the past month, surpassing $4,300 per token. Bitcoin has seen a modest 1% increase in the same period. Ethereum received a boost with the successful IPO of Circle Internet Group (CRCL), known for its stablecoin USD Coin.

The crypto treasury strategy has attracted companies like GameStop and SharpLink Gaming (SBET), with plans to hold Bitcoin and ETH. Ether’s recent surge has not yet reached its previous high of over $4,600 in October 2021. Ethereum is gaining recognition as the ecosystem of choice for stablecoin minting.

Read more at Yahoo Finance: Ethereum treasury company Bitmine Immersion plans to issue $20 billion worth of stock to buy more ETH