BitMine Immersion Technologies Inc. (BMNR) saw its stock soar by 6.40% in 24 hours, as the company announced two major developments that have significantly boosted investor confidence. The crypto mining firm revealed that its Ethereum holdings have surpassed $2 billion, while also expanding its "at the market" (ATM) offering to $4.5 billion.

According to a company statement, BitMine now holds 566,776 ETH, valued at approximately $2.06 billion based on an average price of $3,643.75 per ETH. This represents a remarkable 700% increase from its initial $250 million private placement just over two weeks ago. BitMine's Chairman, Thomas "Tom" Lee, emphasized that this achievement is a significant step towards the company's ambitious goal of acquiring and staking 5% of the overall Ethereum supply.

Adding to the positive sentiment, BitMine also announced an expansion of its ATM offering prospectus. The company filed a supplement with the SEC to increase its potential sale of common stock from $2 billion to $4.5 billion. This move allows BitMine to offer and sell additional shares through Cantor Fitzgerald & Co. and ThinkEquity LLC, potentially providing the company with significant additional capital for further expansion and investment in the cryptocurrency space. The combination of these strategic moves has clearly resonated with investors, driving the stock's impressive performance.