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 💸 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.
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.
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2025-07-10 18:44