Bitmine (BMNR) $20-Billion Fundraising Sends Shares Jumping by 14%
Bitmine Immersion ended 5.87 percent higher on Tuesday after rallying as much as 14 percent at intra-day trading following plans to raise as much as $20 billion from a share sale, sparking investor excitement over the likelihood of further Ethereum acquisition.
In a regulatory filing, Bitmine Immersion Technologies, Inc. (NYSEAmerican:BMNR) said it filed an amended prospectus with the Securities and Exchange Commission to offer shares worth $24.5 billion at the market. This marked the second amendment after it initially sought approval last July 9 to raise $2 billion, and increased it to $4.5 billion last July 24.
In its initial prospectus, Bitmine Immersion Technologies, Inc. (NYSEAmerican:BMNR) said proceeds from the offer would be used for general corporate purposes, including debt repayment, share buyback initiatives, working capital, other expenditures, and fund acquisitions of businesses, technologies, or assets.
On Monday, Bitmine Immersion Technologies, Inc. (NYSEAmerican:BMNR) raised its Ethereum treasury to nearly $5 billion following the acquisition of 317,126 additional units, boosting its total ownership to 1.15 million and making the company the largest Ethereum treasury holder so far. The new round of acquisition followed the company's $2.9 billion purchase of Ethereum earlier this month.
Image by Лечение Наркомании from Pixabay
All recent transactions form part of an ETH Treasury strategy announced on June 30.
While we acknowledge the potential of BMNR as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an extremely cheap AI stock that is also a major beneficiary of Trump tariffs and onshoring, see our free report on the .
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