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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.
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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.
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