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LAS VEGAS - BitMine Immersion Technologies, Inc. (NYSE American: BMNR), a $29.3 million market cap company with 158% revenue growth in the last twelve months, announced Tuesday it has completed the purchase of Bitcoin for its treasury using proceeds from its recent common stock offering.
The company acquired 154.167 Bitcoin at an average price of $106,033, spending approximately $16.347 million. This represents the full net proceeds of $16.340 million from its stock offering that closed on June 6. According to InvestingPro data, the company operates with moderate debt levels, maintaining a debt-to-capital ratio of 0.08.
"We are very excited to establish our Bitcoin Treasury and fulfill our commitment to invest 100% of the transaction proceeds into Bitcoin," said Jonathan Bates, BitMine CEO, according to the company’s press release.
BitMine describes itself as a Bitcoin Network Company focused on accumulating Bitcoin for long-term investment. The firm’s business operations include Bitcoin mining facilities located in Trinidad and Texas (Pecos and Silverton), synthetic Bitcoin mining, hashrate as a financial product, and advisory services for companies interested in earning Bitcoin-denominated revenues.
The announcement comes as part of the company’s stated strategy to build Bitcoin holdings through both mining operations and capital raising activities. The company trades on the NYSE American exchange under the ticker BMNR.
This article is based on information provided in a BitMine press release statement.
In other recent news, BitMine Immersion Technologies, Inc. has expanded its Bitcoin holdings by purchasing 100 Bitcoin. This acquisition was financed through the proceeds from BitMine’s recent common stock offering. CEO Jonathan Bates highlighted this transaction as the initial step in a series of planned Bitcoin market purchases. BitMine’s strategy focuses on increasing its Bitcoin reserves through both direct acquisitions and its mining operations. The company conducts its mining activities in energy-efficient locations in Trinidad and the Texas cities of Pecos and Silverton. BitMine’s business model includes Bitcoin mining, synthetic Bitcoin mining, and offering advisory services for Bitcoin-denominated revenues. The company has outlined its strategic moves and future plans in its filings with the Securities and Exchange Commission. Investors are advised to consider factors such as technological advancements, funding capabilities, and Bitcoin price volatility when evaluating BitMine’s performance.
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