Bitmine Immersion Stock Sheds Another 20% After $2B ATM Offering
Main Idea
Bitmine Immersion Technologies' stock dropped 20% following the announcement of a potential $2 billion stock offering, continuing a significant decline after a previous surge.
Key Points
1. Bitmine Immersion Technologies (BMNR) may sell up to $2 billion in stock through Cantor Fitzgerald and ThinkEquity via at-the-market deals.
2. The stock fell 20% on Thursday, extending a 40% drop from the previous day.
3. The company had previously surged 3,000% after Thomas Lee became chairman, but concerns arose due to similarities with Sharplink Gaming's stock performance, which plummeted 90% after early investors sold.
4. BMNR's stock is down 65% since the CoinDesk report comparing it to Sharplink Gaming.
Description
Shares of Bitmine Immersion Technologies (BMNR), the ether (ETH) 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) stock offering deal with Cantor Fitzgerald and ThinkEquity, according to a Wednesday SEC filing . Cantor will a...
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