BitMine Raises $18 Million for Bitcoin Expansion
BitMine Immersion Technologies is set to raise $18 million through a public stock offering. The company announced on June 4 that it will sell 2.25 million shares at $8.00 each. Underwriters have a 45-day option to buy an extra 337,500 shares if needed. The deal is expected to close on June 6.
BitMine plans to use the funds to buy Bitcoin (BTC). this aligns with its strategy of acquiring BTC through mining and direct investment. Operating in Trinidad and Texas, BitMine aims to be a long-term Bitcoin treasury-focused business.
Additionally, BitMine’s stock will start trading on the NYSE American exchange under the ticker BMNR on June 5. Trading on the OTCQX Best Market will stop. Shareholders don’t need to take any action. ThinkEquity is managing the offering.
This move comes as Bitcoin mining becomes more profitable.According to JPMorgan, the market value of 13 publicly traded Bitcoin miners rose by 20% in May.
BitMine also launched a bitcoin Treasury Advisory Practice in May and secured a $4 million deal for 3,000 ASIC miners. This new unit helps companies develop BTC strategies, including accounting and hedging.
CEO Jonathan Bates notes the growing demand for Bitcoin infrastructure and advisory services. With this raise and its NYSE listing, bitmine is solidifying its position as a Bitcoin-first public company.
