Tom Lee's BitMine Immersion Aims to Raise as Much as $20B for More ETH Buys
Main Idea
BitMine Immersion Technology aims to raise up to $20 billion to expand its ETH holdings, having already accumulated nearly $5 billion worth of ETH as part of its treasury strategy.
Key Points
1. BitMine Immersion Technology (BMNR) is increasing its stock sale program to raise up to $20 billion for further ETH purchases.
2. The company had previously authorized $4.5 billion in stock sales, nearly all of which has been sold, with only $723 remaining.
3. BMNR's stock rose 4% pre-market, and it aims to acquire 5% of the total ETH supply.
4. The firm's stock was the 25th most traded among U.S.-listed companies, surpassing major stocks like JP Morgan and Micron in trading volume.
5. BitMine's strategy includes accumulating ETH and staking tokens for yield, competing with companies like SharpLink Gaming (SBET).
Description
BitMine Immersion Technology (BMNR), the bitcoin miner that pivoted to an ether (ETH) treasury strategy under Fundstrat's Thomas Lee's leadership, is doubling down on its stock sale program, aiming to raise up to $20 billion more buy more ETH. The company had previously authorized $4.5 billion in stock sales through agreements with Cantor Fitzgerald and ThinkEquity, and said it has already sold nearly all of that allotment, with just $723 left to sell. BMNR's stock was up 4% pre-market. Bitmine ...
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