** Shares of Bitmine Immersion Technologies
BMNR
are trading lower in pre-market activity, declining 5.7% to $57.80, after the cryptocurrency mining business revealed it has raised $365.2 million through an equity offering.
** Bitmine Immersion Technologies (BMNR) disclosed early Monday that it successfully sold around 5.2 million shares at a price of $70 each to a single institutional investor. This transaction was executed as a registered direct offering, with Moelis & Co
MC
acting as the exclusive placement agent.
** Furthermore, approximately 10.4 million warrants were also sold, each with an exercise price set at $87.50.
** On the preceding Friday, BMNR shares had closed with a gain of 2.2%, reaching a value of $61.29.
** The company intends to allocate the net proceeds from the offering to expand its holdings of the cryptocurrency Ether
ETHUSD
.
** According to a filing, as of September 21st, the company’s Ether (ETH) holdings exceeded 2% of the total Ethereum network supply, comprising 2.4 million ETH tokens.
** Ether (ETH) is currently experiencing a downturn, trading down 6.7% at $4,178 on Monday.
** Back on June 30th, the company announced a private placement initiative aimed at pursuing an Ethereum treasury strategy. This announcement triggered a surge in its stock price, increasing by almost 700%.
** As of September 19th, the company had roughly 279.5 million shares outstanding, according to the prospectus, which translated to a market capitalization of approximately $17 billion as of Friday.