Share this article
Bitmine Immersion Stock Sheds Another 20% After $2B ATM Offering
The company may sell up to $2 billion in stock through Cantor Fitzgerald and ThinkEquity in flexible at-the-market deals, according to a Wednesday filing.
Updated Jul 10, 2025, 3:00 p.m. Published Jul 10, 2025, 3:00 p.m.
What to know:
- Bitmine Immersion Technologies shares fell 20% on Thursday after the late Wednesday announcement of the sale of up to $2 billion in stock.
- Bitmine has recently pivoted to an Ethereum-focused treasury strategy with Fundstrat's Tom Lee at the helm.
Shares of Bitmine Immersion Technologies (BMNR), the ether treasury strategy firm helmed by Fundstrat's Thomas Lee, slid 20% Thursday, extending a 40% drop from the previous day, as the company disclosed plans to raise up to $2 billion through a stock sale agreement.
The selloff comes on the heels of Bitmine closing a $250 million funding round and securing an at-the-market (ATM) stock offering deal with Cantor Fitzgerald and ThinkEquity, according to a Wednesday SEC filing. Cantor will act as the lead agent, selling shares directly into the market over time at the company’s discretion.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
The decline follows a parabolic run for Bitmine, which had surged 3,000% after announcing an Ethereum-focused treasury strategy and naming Fundstrat’s Tom Lee as chairman of the board.
However, CoinDesk last week reported that the price action could mirror a similar arc seen with Sharplink Gaming (SBET), another ETH treasury play, whose stock skyrocketed then plunged 90% after early investors began selling.
BMNR is down 65% since the report.
Read more: Tom Lee's Bitmine Surges 3,000% Since ETH Treasury Strategy, but Sharplink's Plunge Warrants Caution
AI Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk's full AI Policy.
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
Bitcoin Faces Japan Rate Hike: Debunking The Yen Carry Trade Unwind Alarms, Real Risk Elsewhere
Speculators maintain net bullish positions in the yen, limiting scope for sudden JPY strength and mass carry unwind.
What to know:
- Impending BOJ rate hike largely priced in; Japanese bond yields near multi-decade highs.
- Speculators maintain net bullish positions in the yen, limiting scope for sudden yen strength.
- BOJ tightening may contribute to sustained upward pressure on global yields, impacting risk sentiment.
Top Stories
