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BitMine Targets $20B ETH Purchase
BitMine Immersion Technology (BMNR), led by Fundstrat’s Thomas Lee, plans to raise an additional $20 billion through stock sales to expand its ether (ETH) holdings, according to an SEC filing. The company has already built a $5 billion ETH position as of August 10 and ultimately aims to control 5% of the total supply.
Previously, BMNR authorized $4.5 billion in stock sales via Cantor Fitzgerald and ThinkEquity, nearly exhausting that amount with just $723 remaining. The firm stakes its ETH to generate yield, competing with companies like SharpLink Gaming (SBET).
BMNR’s stock was up 4% in pre-market trading and recently ranked as the 25th most traded U.S.-listed stock, surpassing major names like JPMorgan and Micron in average daily volume. The company says high trading liquidity enables it to raise large sums through equity sales with less impact on share price, supporting its aggressive ETH accumulation strategy.
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U.S. Inflation Mixed, Rate Cut Likely
U.S. inflation data for July showed a mixed picture. Headline CPI rose 0.2% from June, matching forecasts and slowing from June’s 0.3% gain. Year-over-year, CPI increased 2.7%, slightly below the 2.8% expectation. However, core CPI — which excludes food and energy — rose 0.3% in July, in line with forecasts but faster than June’s 0.2%. On a yearly basis, core CPI climbed 3.1%, topping the 3% estimate and June’s 2.9%.
The figures are close enough to expectations that they likely won’t derail hopes for a Federal Reserve rate cut in September. Market odds for a cut rose from 84% to 90% after the report.
Bitcoin moved modestly higher from about $118,500 to just under $119,000, while U.S. stock futures gained roughly 0.6% for both the S&P 500 and Nasdaq 100. The U.S. dollar eased slightly, and the 10-year Treasury yield fell three basis points to 4.26%
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S&P 500 Hits New All-Time High
The S&P 500 surged to a fresh all-time high today, signaling renewed investor confidence as equity markets continue their 2025 rally. The benchmark index’s record comes alongside a historic milestone in digital assets — the total cryptocurrency market capitalization has also reached an all-time high, reflecting broad strength across both traditional and crypto markets.
Investor sentiment is being fueled by resilient economic data, expectations for a Federal Reserve rate cut later this year, and strong corporate earnings. In crypto, capital inflows are accelerating, with Bitcoin and Ethereum leading gains, while altcoins see renewed momentum.
This simultaneous breakout in stocks and crypto highlights a risk-on environment, where liquidity and optimism are driving prices higher. Technical analysts point to strong upward momentum, with both markets showing robust support levels. If macro conditions hold, the rally could extend into Q4, setting the stage for even higher highs across asset classes.
DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. Please be careful and do your own research.