Tom Lee's BitMine Immersion Aims to Raise as Much as $20B for More ETH Buys

1 week ago

BitMine Immersion Technology (BMNR), the bitcoin miner that pivoted to an ether (ETH) treasury strategy nether Fundstrat's Thomas Lee's leadership, is doubling down connected its banal merchantability program, aiming to raise up to $20 cardinal much bargain much ETH.

The institution had antecedently authorized $4.5 cardinal successful banal income done agreements with Cantor Fitzgerald and ThinkEquity, and said it has already sold astir each of that allotment, with conscionable $723 near to sell.

BMNR's banal was up 4% pre-market.

Bitmine pursues a strategy to accumulate ETH and involvement tokens for a yield, competing with rivals specified arsenic SharpLink Gaming (SBET) and others. The steadfast has accumulated astir $5 cardinal successful ETH arsenic of August 10 and yet aims to get 5% of the full ETH supply.

The steadfast besides said connected Monday that its banal was the 25th astir traded among U.S.-listed companies, surpassing large stocks similar JP Morgan and Micron successful mean regular trading volume. High trading measurement allows to steadfast to merchantability shares to rise funds with little interaction connected the banal price.

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