August 13, 2025

It's so crazy. When I expressed some concerns yesterday about Ethereum's recent rapid rise, it continued to break through the high-level consolidation zone in the early morning, with an increase of about 7% over 20 hours. From the perspective of major players, the bears with over 20 times leverage have already fallen, and this has turned into fuel for the bulls. Last night's sharp rise was mainly due to a significant piece of news from BMNR. On August 12, BMNR submitted a filing to the SEC, expanding its stock issuance plan from $4.5 billion to $24.5 billion, with an additional $20 billion authorized entirely for purchasing Ethereum. Based on BMNR's past operations, they raised $2 billion and $4.5 billion through two phases of ATM financing, and they have almost completely converted it into Ethereum. Therefore, it can be imagined that once the third phase of $20 billion arrives, it will quickly be converted into Ethereum.
After BMNR announced, not only did the price of Ethereum rise, but BMNR's stock also saw an increase. Let me explain ATM to everyone; simply put, it is the issuance of new shares directly hitting the market, similar to a token issuance in the crypto space. Currently, the number of BNMR shares is 112 million, and if the price remains unchanged, the corresponding number of new shares issued would be 432 million, leading to a dilution level of 285% for existing shareholders. Of course, since the newly issued shares will be used to continue purchasing Ethereum, if the price of Ethereum keeps rising, then the value of the equity corresponding to the dilution will also be higher. It seems that BMNR is the most aggressive executor of Ethereum's micro strategy, and once the 20 billion financing is approved by the SEC and accepted by the market, Ethereum will.