TechFlow news, September 22 — According to PRNewswire, BitMine Immersion Technologies (NYSE AMERICAN: BMNR) is conducting a registered direct offering of $365.24 million.
The company is selling approximately 5.22 million shares of common stock at $70 per share, representing a premium of about 14% over the closing price on September 19. Additionally, it is issuing approximately 10.43 million warrants, each exercisable at $87.50 per share and expiring on March 22, 2027.
Thomas Lee, Chairman of BitMine, stated that the proceeds from this financing will primarily be used to increase the company's ETH holdings. The company has received support from prominent institutional investors including ARK's Cathie Wood, MOZAYYX, Founders Fund, Bill Miller III, Pantera, Kraken, DCG, and Galaxy Digital, with the goal of acquiring 5% of ETH.
If all warrants are exercised for cash, an additional $913 million in revenue would be generated, bringing the total to approximately $1.28 billion. The transaction is expected to close on September 23, with Moelis & Company LLC serving as the exclusive placement agent.
