Bitmine Immersion Technologies, the largest corporate holder of Ether, said in a supplemental prospectus that it can now sell up to $24.5 billion of common stock under its at-the-market programme, a $20 billion increase from the limit set earlier this year. Executive chairman Tom Lee said proceeds will be deployed to expand the firm’s Ethereum treasury, which already stands at roughly 1.15 million tokens valued at $4.96 billion—about 1% of the cryptocurrency’s total float. The company ultimately aims to control 5% of the outstanding supply. The filing sent BMNR shares up about 5% in early New York trading. The move by Bitmine underscores a broader push by publicly traded firms to finance large Ether positions. ETHZilla, which is pivoting from biotech to an Ethereum-treasury model, raised $156 million through senior secured convertible notes and reported holdings of 82,186 ETH. Shares in ETHZilla surged more than 90% after billionaire investor Peter Thiel’s group revealed a 7.5% stake, highlighting investor appetite for companies leveraging equity markets to accumulate digital assets.