Bitmine slips as crypto firm plans additional $20 bln stock sale
12/08/2025 14:50
** Shares of Bitmine Immersion Technologies BMNR.A down 3% at $57.20 early Tues as crypto mining and services co seeks more equity
** BMNR early Tues filed up to $20 bln ATM (at-the-market) offering, increasing overall equity sales program to $24.5 bln to be handled by Cantor Fitzgerald and ThinkEquity
** Prior to this filing, co says it made aggregate gross sales of nearly $4.5 bln under the prior prospectus
** It plans to use net proceeds for general purposes, including working capital, pursuit of its ethereum treasury strategy, debt paydown, stock repurchases, capex, among other uses, per the filing
** On June 30, co announced a private placement to buy the cryptocurrency, ethereum, sending its stock up nearly 700%
** Last month, Palantir co-founder Peter Thiel disclosed a 9.1% stake in BMNR, becoming the co's top investor at that time, and U.S. tech investor Cathie Wood's ARK acquired about 4.7 mln shares worth $182 mln
** As of Aug 11, BMNR had ~173.5 mln shares outstanding, per the filing, giving it roughly $10 bln market cap
** BMNR shares ended 2024 at $7.80 and were trading around $4 just prior to announcing its ethereum pivot
(Lance Tupper is a Reuters market analyst. The views expressed are his own)
((lance.tupper@tr.com 1-646-279-6380))