Bitmine (BMNR) $20-Billion Fundraising Sends Shares Jumping by 14%

We recently published 10 Stocks on Euphoria. Are You Holding Any? Bitmine Immersion Technologies, Inc. (NYSEAmerican:BMNR) is one of the best-performing stocks on Tuesday.

Bitmine Immersion ended 5.87 percent higher on Tuesday after rallying as much as 14 percent at intra-day trading following plans to raise as much as $20 billion from a share sale, sparking investor excitement over the likelihood of further Ethereum acquisition.

In a regulatory filing, Bitmine Immersion Technologies, Inc. (NYSEAmerican:BMNR) said it filed an amended prospectus with the Securities and Exchange Commission to offer shares worth $24.5 billion at the market. This marked the second amendment after it initially sought approval last July 9 to raise $2 billion, and increased it to $4.5 billion last July 24.

In its initial prospectus, Bitmine Immersion Technologies, Inc. (NYSEAmerican:BMNR) said proceeds from the offer would be used for general corporate purposes, including debt repayment, share buyback initiatives, working capital, other expenditures, and fund acquisitions of businesses, technologies, or assets.

On Monday, Bitmine Immersion Technologies, Inc. (NYSEAmerican:BMNR) raised its Ethereum treasury to nearly $5 billion following the acquisition of 317,126 additional units, boosting its total ownership to 1.15 million and making the company the largest Ethereum treasury holder so far. The new round of acquisition followed the company’s $2.9 billion purchase of Ethereum earlier this month.

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All recent transactions form part of an ETH Treasury strategy announced on June 30.