BitMine Immersion Technologies (AMEX:BMNR) saw its stock slide 6% on Tuesday morning after revealing a major expansion of its at-the-market share sale program, boosting the offering size to $24.5 billion.
The crypto mining firm disclosed the increase in a prospectus supplement filed with the U.S. Securities and Exchange Commission on August 12. This marks the second hike in less than a month, following a July 24 announcement raising the program from $2 billion to $4.5 billion.
Company figures show BitMine has significantly grown its Ethereum (ETH) reserves in the past week, adding $2 billion worth to bring its total ETH holdings to $4.96 billion. With total cryptocurrency assets now exceeding $4.98 billion, the company claims to have the world’s largest Ethereum treasury.
The at-the-market program was first set up on July 9 under agreements with Cantor Fitzgerald & Co. and ThinkEquity LLC, allowing BitMine to sell common stock directly into the market at prevailing prices as needed.
Such offerings provide companies with flexibility in raising funds but can dilute the ownership of existing shareholders—a factor that may be weighing on BitMine’s share price today.
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