BitMine Immersion (BMNR) shares have roughly doubled since the start of August on the back of its Ethereum (ETHUSD) treasury strategy. The firm now has well over 1 million ETH on its balance sheet. Institutional inflow and favorable crypto legislation have pushed Ether prices to near-record levels this month,

With Ethereum climbing past $4,000, BitMine Immersion Technologies is expanding its equity sale to $24.5 billion to grow its ETH reserves, tapping into rising institutional interest and a bullish market trend. Ethereum’s [ETH] climb past the $4,000 mark has sparked a fresh wave of interest from both retail traders and institutional players.

Bitmine's valuation is rocketing higher today following an announcement that the company will be issuing $20 billion in new stock and using the proceeds to buy Ethereum. While the new stock sale will be heavily dilutive for current shareholders, investors are reacting positively to the big fundraising and crypto purchase news.