Bitmine Immersion Drops Another 20% as Investors React to $2B Stock Sale
Bitmine Immersion Technologies (BMNR) slid another 20% on Thursday, deepening a sharp selloff sparked by news that the company plans to raise up to $2 billion through an at-the-market (ATM) equity offering. The drop follows a 40% decline the previous day, as investors worry about significant share dilution.
In a filing with the SEC on Wednesday, Bitmine said it intends to sell shares via ATM deals managed by Cantor Fitzgerald and ThinkEquity. Cantor will serve as the lead agent, executing sales directly into the market at prevailing prices.
This fundraising effort comes shortly after Bitmine closed a $250 million round. The company, led by Fundstrat’s Thomas Lee, has captured attention for its large Ethereum (ETH) holdings, which previously fueled a staggering 3,000% rally in BMNR’s stock.
However, Bitmine’s rapid price surge has raised concerns among analysts. Just last week, CoinDesk reported that Bitmine’s trading pattern resembles Sharplink Gaming (SBET), another firm that held ETH as a treasury asset and saw its shares soar before tumbling nearly 90% as early investors sold off.
Since that report, BMNR shares have lost a combined 65% in value.
