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BitMine Immersion Technologies, headed by Fundstrat founder and CIO Thomas “Tom” Lee, has filed to raise its at-the-market equity program by $20 billion, pushing its total capacity to $24.5 billion. The proceeds are expected to finance the company’s future ETH acquisitions.

The expansion represents more than a five-fold increase from the company’s previous authorization of $4.5 billion. BitMine has already utilized approximately $4.5 billion of its prior authorization through sales under its existing agreement.

The common stock offering will be conducted through sales agents from Cantor Fitzgerald & Co. and ThinkEquity LLC, who will receive a commission of up to 3% on gross proceeds. The shares will be sold through various methods, including direct trading on the NYSE American exchange, where BitMine trades under the symbol “BMNR.”

BitMine, the largest corporate holder of Ethereum, now holds over 1 million ETH valued at approximately $5 billion, according to a Monday announcement.

BitMine has aggressively accumulated ETH with a goal of holding 5% of the total supply, solidifying its leadership in Ethereum treasuries.

Tom Lee told Bankless in a recent podcast that Ethereum has the potential to exceed Bitcoin’s value. He expects ETH prices to surge to between $7,000 and $15,000 by year’s end and is actively acquiring ETH to boost BitMine’s liquidity and reserves.

Ethereum was trading at around $4,400 at press time, up 4% in the last 24 hours, TradingView data shows.

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With Ripple closing its long-running legal battle with the SEC, industry analysts anticipate that the resolution will make major fund managers more comfortable offering investment products tied to XRP, Ripple’s native crypto asset.

Pro-XRP users, in particular, have been eyeing BlackRock, the asset management giant. But it appears BlackRock has no immediate plans to get on board.

A BlackRock spokesperson recently told The Block that spot XRP and Solana (SOL) ETFs are not on the firm’s roadmap for now.

The confirmation came shortly after ETF Store President Nate Geraci suggested that BlackRock would eventually enter the XRP ETF market as Ripple and the SEC wrap up their appeals.

He said it’s hard to justify ignoring crypto assets apart from Bitcoin and Ethereum, but if BlackRock really stays away from other crypto ETFs, they’re essentially stating that only BTC and ETH are worth investing in.

Yes, I think BlackRock was waiting to see this before filing for iShares XRP ETF…

I’ll own it if I’m wrong.

IMO, makes *zero* sense for them to ignore crypto assets beyond btc & eth.

Otherwise, they’re basically saying btc & eth are only ones that will ever have value. Bold. pic.twitter.com/FtBqMRFpOl

— Nate Geraci (@NateGeraci) August 8, 2025

However, Bloomberg ETF analyst Eric Balchunas thinks BlackRock is content with its two existing ETFs, those tied to the two largest crypto assets, and sees diminishing returns in expanding further.

I just think they are happy w the two. Law of diminish returns from here on out. But again I’ve nothing to go on but my own spidey sense here.

— Eric Balchunas (@EricBalchunas) August 8, 2025

The analyst is also doubtful that BlackRock will file for an index-based crypto ETF, which potentially includes major assets like XRP, later this year.

“Very little” demand for other crypto ETFs: BlackRock’s executives

Robert Mitchnick, BlackRock’s Head of Digital Assets, revealed at the Bitcoin 2024 convention that there is ‘very little’ client demand for crypto ETFs beyond Bitcoin and Ethereum.

Samara Cohen, BlackRock’s Chief Investment Officer of ETF and Index Investments, said in an interview with Bloomberg that the firm would not launch a Solana ETF in the near term.

“We really look at the investor’s ability to see what meets the criteria, what meets the bar to be delivered in an ETF,” Cohen said. “For us right now, both between [investing] ability considerations and also what we hear from our clients… Bitcoin and Ether definitely meet that bar. I think it will be a while before we see anything else.”

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Ethereum surged above $4,000 this morning and hit its highest level since December 2024 on the back of strong institutional inflows, according to data from TradingView.

The second-largest crypto asset has jumped more than 53% this month and trades about 18% below its record of $4,878 set in November. It is up 20% year-to-date.

US-listed spot Ethereum ETFs have seen money returning over the past three trading days, with Thursday alone recording about $222 million in net inflows, Farside Investors data shows.

The pace of accumulation among those funds picked up between July 2 and July 31, paused earlier this month amid tariff-driven market uncertainty and a lack of strong narratives, and has resumed this week.

BlackRock’s iShares Ethereum Trust (ETHA) remains a key driver, managing more than $11 billion worth of ETH as of August 7. Launched just over a year ago, ETHA hit the $10 billion milestone faster than any ETF except BlackRock’s IBIT and Fidelity’s FBTC, and currently ranks among the top five funds for capital inflows over the past week and month.

Corporate adoption is also gathering pace. Ethereum treasury leaders show no signs of slowing their accumulation, and new firms are joining in. Tom Lee-led BitMine Immersion tops the list with more than $3 billion in ETH, followed by SharpLink Gaming with around $2 billion.

Ethereum ETFs could soon add staking under new SEC stance

One of the most anticipated narratives the Ethereum community is keeping an eye on is the prospect of SEC approval of staked Ethereum ETFs, which would set these funds apart from their Bitcoin counterparts.

Allowing staking within these funds could lay the groundwork for other crypto ETFs aiming to let investors earn rewards from their investments.

That was indeed what ETF issuers aimed for when they first pursued spot Ethereum ETFs in the US, but the SEC’s previous stance forced them to drop staking from their filings.

Speculation at the time was that this led ARK Invest to withdraw its bid to co-launch a spot Ethereum ETF with 21Shares, as crypto circles believed the product made little sense without staking.

The new SEC leadership under pro-innovation Chair Paul Atkins has removed crypto staking from the securities classification that prevailed under former Chair Gary Gensler. Under the latest SEC guidance, crypto staking is generally not considered a security if it meets certain conditions related to protocol-level participation in proof-of-stake networks.

These changes are enough to convince many crypto enthusiasts that, at some point, the SEC will allow Ethereum ETFs to incorporate staking. And if skeptics need more evidence, BlackRock’s recent filing to add staking to its ETHA fund may be it.

Market observers and ETF experts believe that once BlackRock is on board, SEC approval is likely.

ETF Store President Nate Geraci believes the addition of staking is only a matter of time and could follow soon after the recent green light for in-kind redemption for spot Bitcoin and Ethereum ETFs.

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SBI Holdings, Japan’s financial conglomerate with active operations in banking, securities, asset management, and fintech, has floated plans to introduce Bitcoin and XRP exchange-traded funds (ETFs) on the Tokyo Stock Exchange, subject to forthcoming regulatory changes.

In its latest financial results presentation, SBI has outlined two proposals designed to capture the growing demand for digital asset management and take advantage of potential legal revisions currently under review by Japan’s Financial Services Agency (FSA).

The first is a hybrid investment trust combining traditional gold ETFs with crypto-asset ETFs like Franklin’s Bitcoin ETF (EZBC), with up to 49% allocated to crypto.

The second is a crypto ETF proposed for listing on the Tokyo Stock Exchange. The SBI Bitcoin/XRP ETF is cited as an example, signaling readiness to launch pending regulatory approval. These ETFs would trade like any listed security, targeting wider retail and institutional access.

Earlier this year, the FSA released a discussion paper on revising the crypto regulatory framework, proposing to reclassify crypto assets as financial instruments, balancing innovation with investor protection and closing regulatory gaps.

The proposal would pave the way for the legalization and regulation of crypto ETFs, meaning these products could be officially offered in Japan under strict regulatory oversight comparable to traditional securities.

SBI’s move could increase the institutional adoption of XRP and other digital assets in Japan’s regulated investment market. Japan has maintained a relatively structured approach to crypto regulation compared to other major economies.

SBI Holdings has shown interest in crypto assets and blockchain technology through various business ventures and partnerships.

In April 2024, Franklin Templeton and SBI Holdings entered into a partnership to form a new crypto ETF management company in Japan. The parties have signed a Memorandum of Understanding to provide young investors with greater access to diversified investment vehicles, including crypto-based ETFs.

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As crypto markets wobbled amid renewed tariff fears, Eric Trump reaffirmed his support for Bitcoin and Ethereum, encouraging investors to buy during the current market dip.

Let me say it again:

₿uy the dips!!! $BTC $ETH https://t.co/VSOvTgnlOT

— Eric Trump (@EricTrump) August 2, 2025

This wasn’t the first time President Trump’s son voiced confidence in the top two digital assets.

In February, amid tariff-fueled economic uncertainty, he called it a great time to buy Ethereum and Bitcoin. Ethereum went on to drop below $1,400, its lowest point since November 2023.

But with corporate adoption ramping up and market sentiment improving on positive legislative headlines, ETH rebounded sharply, reclaiming $3,900 earlier this week.

The rally has cooled following renewed tariff threats. At press time, Ethereum was trading around $3,500, down 3% over the past 24 hours, while Bitcoin hovered near $113,500, according to CoinGecko.

Trump disclosed in December that he held Bitcoin, Ethereum, Solana, and Sui. The family’s crypto involvement also extends to mining. American Bitcoin, a mining firm backed by him and his brother Donald Trump Jr., reported holding 215 BTC.

World Liberty Financial, a DeFi venture backed by the Trump family, recently acquired 77,226 ETH at an average price of $3,294 per coin, according to Lookonchain. On-chain data suggests the firm may have sold part of its ETH stack at a loss in April.

Trump’s World Liberty(@worldlibertyfi) spent 1M $USDC to buy 256.75 $ETH at $3,895 again 23 hours ago.

World Liberty has bought a total of 77,226 $ETH($296M) at an average price of $3,294, with an unrealized profit of ~$41.7M.https://t.co/kaRan1WMwFhttps://t.co/0qWkRUhTQb… pic.twitter.com/u8D9yduAps

— Lookonchain (@lookonchain) July 29, 2025

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BitMEX co-founder Arthur Hayes sold approximately $13 million worth of crypto assets on Friday, including Ethereum, Ethena (ENA), and Pepe (PEPE), amid a market-wide decline, according to blockchain analytics platform Lookonchain.

Arthur Hayes(@CryptoHayes) sold 2,373 $ETH($8.32M), 7.76M $ENA($4.62M) and 38.86B $PEPE($414.7K) in the past 6 hours.https://t.co/1HymJRPhcj pic.twitter.com/MoJNKUjJaQ

— Lookonchain (@lookonchain) August 2, 2025

The sales comprised 2,373 ETH, 7.7 million ENA, and around 39 billion PEPE tokens. Over the past 24 hours, Ethereum fell 5% to below $3,600, while both PEPE and ENA declined about 2%, CoinGecko data shows.

ENA had gained over 40% to $0.7 in the past week following two key developments: the launch of USDtb, the first stablecoin compliant with the US GENIUS Act, by Anchorage Digital and Ethena Labs, and Ethena Foundation’s announcement of a $260 million ENA token buyback.

Hayes had accumulated over 2 million ENA tokens after the Anchorage Digital and Ethena Labs announcement, building his position to 7.7 million tokens before today’s sale.

Arthur Hayes(@CryptoHayes) bought 2.16M $ENA($1.03M) today from #Binance, #GalaxyDigital, #Flowdesk, and currently holds 7.76M $ENA($3.73M).https://t.co/1HymJROJmL pic.twitter.com/uB1DWSU2JP

— Lookonchain (@lookonchain) July 25, 2025

Friday’s market downturn was marked by Bitcoin’s plunge to $113,000 following President Trump’s announcement of new tariffs, which triggered a wave of risk-off sentiment. Most altcoins followed BTC as the bullish momentum faded.

Hayes previously predicted that crypto markets would move sideways to slightly lower between early July and Fed Chair Jerome Powell’s Jackson Hole Symposium speech in August, where he anticipated Powell might signal an end to quantitative tightening or announce regulatory changes.

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Cardone Capital acquired 100 Bitcoin amid a market pullback, adding to its existing holdings of 1,000 BTC worth approximately $115 million, said Grant Cardone, founder and CEO of the real estate company, on Thursday.

Cardone Capital added 100BTC today as it pulled back.

— Grant Cardone (@GrantCardone) August 1, 2025

Bitcoin fell below $115,000 today, reaching its lowest point in three weeks after US President Donald Trump announced new trade tariffs on multiple countries, per CoinGecko. The crypto asset has declined 6.5% from its July all-time high of $122,800.

The broader crypto market also retreated, with Ether dropping 4% to $3,600, XRP declining 5% to under $3, and Solana falling 6% over the past 24 hours.

The real estate investment firm, which manages over 14,000 residential units and $5 billion in assets, first entered the Bitcoin market in late June.

Cardone said at the time that the company aims to acquire an additional 3,000 Bitcoin for its treasury by the end of 2025, combining what he called “the two best-in-class assets,” real estate and Bitcoin.

CardoneCapital adds ~1000 BTC to balance sheet becoming first ever real estate/btc company integrated with full BTC strategy, combining the two best in class assets

14,200 units plus half million square feet of A* office the group expects to add another 3000 BTC and 5000 units… pic.twitter.com/XvOCO9NkoE

— Grant Cardone (@GrantCardone) June 21, 2025

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