Tom Lee Raises $20 Billion to Acquire Up to 5% of Ethereum

BitMine, led by renowned investor Tom Lee, is set to raise a massive $20 billion through an expanded stock offering. The funds will primarily be used to purchase Ethereum (ETH), aiming to become the largest corporate ETH holder. This move mirrors Michael Saylor’s strategy of utilizing equity and debt issuance to acquire Bitcoin. With this unprecedented investment, BitMine aims to acquire up to 5% of ETH’s total supply, a significant step toward establishing their dominance in the asset.