Ethereum hits new multiyear high as Tom Lee's BitMine plans $20B ETH raise

1 week ago

Key points:

Ether gains astir 6% connected the time arsenic BitMine ups its ETH accumulation plans to astir $25 billion.
Chairman Tom Lee gets Michael Saylor comparisons arsenic investigation says ETH terms enactment is “defying gravity.”
Bitcoin continues to scope beneath $120,000, shrugging disconnected chill US CPI data.

Ether (ETH) neared $4,500 Tuesday arsenic large firm buying plans gave the largest altcoin different large boost.

Ether terms comes wrong $500 of all-time highs

Data from Cointelegraph Markets Pro and TradingView showed ETH/USD reaching $4,457 connected Bitstamp — its highest since December 2021.

Now nether $500 from all-time highs, the brace crushed absorption aft blockchain exertion steadfast BitMine Immersion Technologies announced plans to raise up to $20 billion for ETH purchases.

The move, which supplements the firm’s existing offering, allows for full ETH holdings worthy $24.5 billion. The time prior, BitMine disclosed $4.96 cardinal successful ETH.

A Tuesday filing with the US Securities and Exchange Commission (SEC) confirms:

“With this Prospectus Supplement, we are expanding the full magnitude of Common Stock that whitethorn beryllium sold nether the Sales Agreement to up to $24.5 billion, comprising of up to $2.0 cardinal nether the Prospectus, $2.5 cardinal nether the Prior Prospectus Supplement, and an further $20.0 cardinal nether this Prospectus Supplement.”

BitMine banal was up 5.6% connected the time astatine the clip of writing, with ETH/USD gaining a akin amount.

Market participants were unsurprisingly bullish connected the outlook for ETH terms strength.

“$ETH has surged much than 100% successful little than 2 months,” crypto trader, expert and entrepreneur Michaël van de Poppe noted successful a post connected X.

“This determination is comparable to the $BTC ETF launch, erstwhile Bitcoin continued to rally upwards. We'll apt spot a caller ATH for $ETH and past immoderate consolidation. There's mode much to travel for this cycle.”

Crypto capitalist and entrepreneur Ted Pillows likened BitMine president Tom Lee to Strategy CEO Michael Saylor, who oversaw the accumulation of the largest Bitcoin (BTC) firm treasury.

— Ted (@TedPillows) August 12, 2025

“$ETH is defying gravity,” Keith Alan, co-founder of crypto trading level Material Indicators, continued.

Alan said an accidental to bargain the dip astatine the 21-day elemental moving mean (SMA), presently astatine $3,822, would beryllium a “gift.”

Earlier, Cointelegraph reported that ETH terms targets present include $20,000 per coin.

Not each doom and gloom for Bitcoin

Bitcoin meantime continued to scope aft a failed effort to ace all-time highs the time prior.

Positive macro quality successful the signifier of the US Consumer Price Index (CPI) failed to boost momentum, with altcoins taking the spotlight.

The July CPI people came successful 0.1% beneath expectations, lending value to the Federal Reserve cutting involvement rates astatine its adjacent gathering successful September — a cardinal crypto and risk-asset tailwind.

Commenting connected marketplace structure, however, fashionable trader and expert Rekt Capital had crushed for optimism.

BTC/USD, helium revealed, was inactive attempting to signifier caller enactment aft breaking done a multiweek downtrend.

“And if terms tin proceed to support stableness present (perhaps adjacent successful the signifier of a Bull Flag), terms could effort different revisit of the Range High supra (blue),” helium concluded alongside a people of the regular chart.

This nonfiction does not incorporate concern proposal oregon recommendations. Every concern and trading determination involves risk, and readers should behaviour their ain probe erstwhile making a decision.

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