BitMine Immersion Technologies (BMNR) just filed to expand its at-the-market equity program by $20B, a 5x increase in issuance capacity, to fund more ETH purchases.
In a prospectus filed with the Securities and Exchange Commission (SEC), BitMine increased the aggregate amount available under its at-the-market equity offering to $24.5 billion.
BitMine Immersion Technologies also reported amending its equity distribution agreements with Cantor Fitzgerald & Co. and ThinkEquity, enabling the increased share sale authorization under the ATM program, agents may earn up to 3% commission.
BMNR said the expanded ATM capacity is intended to support its strategy to build an Ethereum (ETH) treasury and fund additional ETH related acquisitions.
“The shares in this offering will not be issued all at once on a specific date.
Instead: Shares are issued incrementally “from time to time” as they are sold through the sales agent (Cantor Fitzgerald & Co.), based on market conditions and the company’s discretion. The company can deliver a placement notice to the agent at any time to initiate sales, specifying the number of shares or dollar amount. Settlement (and thus issuance) for each sale occurs on the business day immediately following the sale date (or another agreed date), through The Depository Trust Company or other means. There is no fixed timeline or requirement to sell (and issue) the full amount; sales can be suspended or varied at the company’s discretion. The offering continues until the Sales Agreement is terminated (which can happen at any time with 10 days’ prior notice from either party) or the full amount is sold.”
BitMine Immersion Technologies (BMNR) supported by a group of institutional investrs such as Cathie Wood (ARK Investments), Pantera, Kraken and Galaxy Digital.
Yesterday the company reported holdings of 1,150,263 ETH valued at more than $4.96 billion, up from about $2.9 billion a week earlier, as the ETH price reached $4,390.
BitMine stock is trading today 4,90% higher at $61,37 and a market cap of 6,62 billion. The stock hit all time at $161 and has a 52-week low of $1,93.
Nikolas has been involved in the finance industry for over fifteen years spanning across Europe and USA with a depth of knowledge and experience within many aspects of the financial markets. Nikolas gained several years experience with some of the Europe’s leading Brokers, as equity analyst, and trader managing accounts for both Private and Corporate Investors. He enjoys both the fundamental and technical aspects of trading focusing on stock markets and all FX majors. Currently, Nikolas provides analysis and comments to online financial publications. Educational background in Economics (BSc), and Finance (MSc).
