Bitmine Immersion Shares Sink Another 20% After Announcing $2B ATM Offering
Shares of Bitmine Immersion Technologies (BMNR) dropped an additional 20% on Thursday, extending steep losses triggered by the company’s plan to raise up to $2 billion through an at-the-market (ATM) equity program. The fresh decline follows a 40% plunge the previous day, as investors grew wary of significant share dilution.
In a Wednesday SEC filing, Bitmine disclosed that it will sell new shares over time through ATM deals managed by Cantor Fitzgerald and ThinkEquity. Cantor will serve as the primary sales agent, executing trades directly into the open market at prevailing prices.
The announcement comes shortly after Bitmine closed a $250 million funding round. Under the leadership of Fundstrat’s Thomas Lee, the company has drawn attention for its sizable Ethereum (ETH) holdings, which previously fueled an astonishing 3,000% surge in BMNR’s stock price.
However, Bitmine’s meteoric rise has sparked concerns about history repeating itself. Just last week, CoinDesk reported that Bitmine’s stock behavior appeared similar to that of Sharplink Gaming (SBET), another ETH treasury play that saw shares skyrocket before tumbling nearly 90% amid insider selling.
Since that report, BMNR shares have now fallen by a cumulative 65%.
