Ethereum surged approximately 10% to nearly $4,700 following the announcement that BitMine Immersion (BMNR), led by Tom Lee of Fundstrat, has filed to enhance its at-the-market stock offering from $4.5 billion to $24.5 billion, designating an additional $20 billion specifically for ETH purchases. This move aims to increase BMNR's ETH holdings from around 1.15 million (approximately 1% of total supply) to 5%. Concurrently, other cryptocurrencies performed well, with Bitcoin surpassing $120,000 and significant gains in SOL and various altcoins. The market is witnessing a heightened demand for Ethereum, with the announcement resulting in one of the most substantial single-day inflows into ETH ETFs, totaling over $1 billion. Analysts suggest this bullish trend is propelled by minimal sell pressure and relentless buying interest, potentially setting the stage for Ethereum to reach new all-time highs. The ongoing developments highlight not only the growing institutional interest in Ethereum but also a broader expansion in the cryptocurrency market.

Source đź”—