BitMine Holds >2% of ETH, Raises $365M

BitMine Immersion Technologies holds about 2,416,054 ETH (just over 2% of supply) and reports a treasury valued at $11.4 billion, plus 192 BTC, $345 million in cash and a $175 million equity stake. The company completed a $365 million registered direct offering priced at $70 per share, with warrants that could boost total proceeds toward roughly $1.28 billion, intended to accelerate accumulation toward a 5% ETH supply target. BitMine’s shares fell about 9% on the day amid investor concern over dilution from the financing. Recent ETF flow data show strong demand for Bitcoin spot ETFs — BlackRock’s BTC ETF recorded $79.7 million of inflows on Sept. 26 and combined BTC ETF inflows of roughly $241–$243 million on Sept. 24–25 — while Ethereum ETFs logged net outflows (about 29,764 ETH, roughly $118.2 million, on Sept. 25; BlackRock’s ETH product had zero flows on Sept. 26 and outflows of 6,352 ETH on Sept. 25). BlackRock’s crypto ETFs generate an estimated $260 million in annualized revenue (about $218M from BTC and $42M from ETH) as its BTC fund approaches $85 billion AUM. Technical indicators flag added risk for ETH — a completed head-and-shoulders on the 4-hour chart puts ETH at risk of falling below $4,000 toward $3,700–$3,900, which could increase selling pressure as institutions and allocators react to ETF flows and BitMine’s accumulation plans.