Shares of Bitmine Immersion Technologies (NASDAQ:BMNR) fell 5.7% in premarket trading Monday following the company’s announcement of a $365.2 million equity offering.
The cryptocurrency mining firm sold roughly 5.2 million shares at $70 each to an institutional investor through a registered direct offering, with Moelis & Co (NYSE:MC) acting as the sole placement agent.
In addition to the stock sale, Bitmine Immersion Technologies also issued approximately 10.4 million warrants at an exercise price of $87.50.
The company intends to use the net proceeds to expand its holdings of the cryptocurrency ether (ETHUSD).
According to a regulatory filing, as of September 21, Bitmine’s ether holdings account for more than 2% of the Ethereum network supply, totaling 2.4 million ETH tokens.
BitMine Immersion Technologies stock price
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