Ether Treasury Race Accelerates With $24.5B BitMine Raise, as US Debt Hits $37T: Finance Redefined

The institutional Ethereum treasury race is accelerating, as two of the biggest corporate Ether holders are raising billions of dollars to acquire more of the world’s second-largest cryptocurrency.

Public Bitcoin mining firm BitMine Immersion Technology is raising $24.5 billion through an at-the-market (ATM) stock offering, while SharpLink completed a $389 million capital raise from common shares.

Whales, or large crypto holders, have also been accumulating ahead of this week’s key US inflation reports. A new entity acquired $1.3 billion worth of Ether (ETH) across 10 fresh cryptocurrency wallets, surpassing the record-breaking  $1 billion worth of Ether amassed by the exchange-traded funds (ETFs) on Monday.

In the broader economy, US federal debt ballooned to a record high of $37 trillion on Wednesday, a month after President Donald Trump signed the One Big Beautiful Bill Act into law on July 4.

Analysts said swelling deficits may eventually prompt looser policy, including quantitative easing, which is large-scale bond purchases by central banks that inject liquidity into the financial system, a development that may push Bitcoin’s (BTC) price to about $132,000 before the end of 2025, based on its correlation with the growing M2 money supply.

BitMine targets huge $24.5 billion raise as SharpLink boosts Ether war chest

The corporate Ether acquisition race is accelerating as the world’s two biggest Ether treasury firms are raising capital to acquire more of the world’s second-largest cryptocurrency, which is nearing its previous all-time high.

Public Bitcoin mining firm BitMine Immersion Technology is looking to raise $24.5 billion through a new at-the-market (ATM) stock sale to acquire more Ether tokens, according to a Tuesday US Securities and Exchange Commission filing.

BitMine’s offering came the same day as corporate crypto treasury firm SharpLink completed a $389 million capital raise from common stock shares for select institutional investors, according to another SEC filing. “We intend to contribute substantially all of the cash proceeds that we receive to acquire ETH,” the filing said.

Part of the $389 million net proceeds will also be used for “working capital needs, general corporate purposes, operating expenses, and core affiliate marketing operations,” SharpLink said.

SharpLink has raised about $1.4 billion in gross proceeds to date from more than 71.5…