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Investing.com -- Shares of Bitmine Immersion Technologies (NASDAQ:BMNR) dropped 5.7% in premarket trading Monday after the cryptocurrency mining company announced a $365.2 million equity raise.
The company sold approximately 5.2 million shares at $70 to an institutional investor in a registered direct offering. Moelis & Co (NYSE:MC) served as the sole placement agent for the transaction.
In addition to the share sale, Bitmine Immersion Technologies sold approximately 10.4 million warrants at an exercise price of $87.50.
The company plans to use the net proceeds from the offering to acquire more of the cryptocurrency ether (ETHUSD).
According to a filing, as of September 21, Bitmine’s ether holdings exceed 2% of the Ethereum network supply, with holdings comprising 2.4 million ETH tokens.
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