Bitmine's valuation is rocketing higher today following an announcement that the company will be issuing $20 billion in new stock and using the proceeds to buy Ethereum. While the new stock sale will be heavily dilutive for current shareholders, investors are reacting positively to the big fundraising and crypto purchase news.

BitMine Immersion stock pushes up after increasing its ETH holdings by $2 billion within a week. Here’s why the crypto pivot has worked for BMNR shares and why it will likely continue to work.