According to BlockBeats, BitMine Immersion Technologies (BMNR) has entered into a securities purchase agreement with an institutional investor. The agreement involves a registered direct offering of 5,217,715 shares of common stock at $70.00 per share, along with warrants to purchase up to 10,435,430 shares of common stock at an exercise price of $87.50 per share.
The company anticipates gross proceeds of approximately $365.24 million from this offering, before deducting placement agent fees and other estimated issuance expenses. If all warrants are exercised in cash, the potential future gross proceeds could reach approximately $913 million, bringing the total potential proceeds from the common stock issuance and warrant exercise to about $1.28 billion.
Tom Lee, Chairman of BitMine, stated that the stock was issued at a 14% premium over last Friday's closing price, raising $365.24 million at $70 per share compared to the closing price of $61.29. The primary use of the funds is to increase holdings in Ethereum (ETH), which is expected to add significant value for existing shareholders. The 14% premium reflects strong interest from institutional investors in BitMine's strategy and confidence in the company's execution capabilities. Feedback from institutional investors indicates that BitMine remains the only large-cap U.S. stock offering direct investment in Ethereum.
The offering is expected to close around September 23, 2025, subject to customary closing conditions. Moelis & Company LLC is acting as the exclusive placement agent, and Winston & Strawn LLP is serving as legal counsel to BitMine.
