Bitmine Immersion Shares Slide Another 20% on $2B ATM Fundraising Plan

Bitmine Immersion Plunges Another 20% Amid $2B Stock Offering Plans

Bitmine Immersion Technologies (BMNR) fell an additional 20% on Thursday, continuing a steep sell-off following its announcement of plans to raise up to $2 billion through an at-the-market (ATM) equity offering. The latest drop comes on the heels of a 40% decline the previous day, fueled by investor concerns about share dilution.

In a filing with the SEC on Wednesday, Bitmine detailed its strategy to sell shares through ATM arrangements with Cantor Fitzgerald and ThinkEquity. Cantor will act as the lead sales agent, executing transactions directly into the market at prices determined by the company.

This new capital-raising plan arrives just after Bitmine secured $250 million in fresh funding. Led by Fundstrat’s Thomas Lee, the company has gained considerable attention for its substantial Ethereum (ETH) holdings—a move that previously drove BMNR’s stock up by an eye-popping 3,000%.

However, the rapid price appreciation has sparked caution. Last week, CoinDesk reported that Bitmine’s trading pattern resembles that of Sharplink Gaming (SBET), another ETH treasury-focused firm whose shares skyrocketed before crashing nearly 90% as early investors sold off their stakes.

Since that report, BMNR’s share price has dropped a total of 65%.