Bitmine Immersion Technologies, Inc. (BMNR) saw a 5.87% increase in shares on Tuesday, rising as much as 14% during intra-day trading after announcing plans to raise $20 billion through a share sale. The company’s move sparked investor excitement over potential Ethereum acquisitions.

Bitmine filed an amended prospectus with the SEC to offer shares worth $24.5 billion, marking the second amendment after initially seeking approval to raise $2 billion. Proceeds from the offering will go towards general corporate purposes, debt repayment, share buybacks, working capital, and potential acquisitions of businesses, technologies, or assets.

Bitmine bolstered its Ethereum treasury to nearly $5 billion by acquiring an additional 317,126 units on Monday, bringing its total ownership to 1.15 million. This makes the company the largest Ethereum treasury holder to date. The recent purchase followed a $2.9 billion acquisition of Ethereum earlier in the month.

All recent transactions by Bitmine Immersion are part of an ETH Treasury strategy announced on June 30. While BMNR shows investment potential, some believe other AI stocks offer greater promise for higher returns with limited downside risk. For those seeking an affordable AI stock benefiting from Trump tariffs and onshoring, a free report on the best short-term AI stock is available.

Read more at Yahoo Finance: Bitmine (BMNR) $20-Billion Fundraising Sends Shares Jumping by 14%