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Bitmine Immersion Stock Sheds Another 20% After $2B ATM Offering

coindesk.com

1 day ago

Bitmine Immersion Stock Sheds Another 20% After $2B ATM Offering

Shares of Bitmine Immersion Technologies (BMNR), the ether ETH$2,782.62 treasury strategy firm helmed by Fundstrat's Thomas Lee, slid 20% Thursday, extending a 40% drop from the previous day, as the company disclosed plans to raise up to $2 billion through a stock sale agreement.The selloff comes on the heels of Bitmine closing a $250 million funding round and securing an at-the-market ATM$1.0085 stock offering deal with Cantor Fitzgerald and ThinkEquity, according to a Wednesday SEC filing. Cantor will act as the lead agent, selling shares directly into the market over time at the company’s discretion. The decline follows a parabolic run for Bitmine, which had surged 3,000% after announcing an Ethereum-focused treasury strategy and naming Fundstrat’s Tom Lee as chairman of the board. However, CoinDesk last week reported that the price action could mirror a similar arc seen with Sharplink Gaming (SBET), another ETH treasury play, whose stock skyrocketed then plunged 90% after early investors began selling. BMNR is down 65% since the report. Read more: Tom Lee's Bitmine Surges 3,000% Since ETH Treasury Strategy, but Sharplink's Plunge Warrants Caution

https://www.coindesk.com/markets/2025/07/10/bitmine-immersion-sheds-another-20-after-2b-atm-offering?utm_source=CryptoNews&utm_medium=app