Crypto firm Bitmine down after $365 mln direct stock deal announced

Moelis & Company

22/09/2025 13:17

** Shares of Bitmine Immersion Technologies BMNR.A down 5.7% premarket at $57.80 after crypto mining firm announces $365.2 mln equity raise

    ** BMNR early Mon says it sold ~5.2 mln shares at $70 to an institutional investor in registered direct offering with Moelis & Co MC.N as sole placement agent

    ** It also sold ~10.4 mln warrants at an exercise price of $87.50

    ** BMNR shares on Fri closed up 2.2% at $61.29

    **
    Co plans to use net offering proceeds to acquire more of the cryptocurrency ether ETH=

    ** In a filing, co said as of Sept 21 its ETH holdings exceed 2% of Ethereum network supply with holdings comprising 2.4 mln ETH tokens

        ** ETH on Mon is currently down 6.7% at $4,178

    ** On June 30, co announced a private placement to pursue Ethereum treasury strategy, sending its stock up nearly 700%

      ** As of Sept 19,  BMNR had ~279.5 mln shares outstanding, per the prospectus, for about $17 bln market cap through Fri

(Lance Tupper is a Reuters market analyst. The views expressed are his own)

((lance.tupper@tr.com 1-646-279-6380))