Intel stock extends gains after report of possible U.S. government stake
Investing.com -- BitMine Immersion (NASDAQ:IMMR) Technologies (NYSE:BMNR) stock fell 6% Tuesday morning after the company announced a significant increase to its at-the-market offering to $24.5 billion.
The crypto mining company filed a prospectus supplement with the Securities and Exchange Commission (SEC) on August 12 to amend its previously announced offering. This marks the second increase in less than a month, following an earlier expansion from $2 billion to $4.5 billion on July 24.
According to company information, BitMine has substantially increased its Ethereum (ETH) holdings over the past week, adding $2 billion worth to reach a total of $4.96 billion. The company claims it now holds the largest ETH treasury in the world, with total cryptocurrency holdings exceeding $4.98 billion.
The original at-the-market offering was established on July 9 through a sales agreement with Cantor Fitzgerald & Co. and ThinkEquity LLC. The arrangement allows BitMine to sell shares of its common stock from time to time at market prices.
At-the-market offerings typically allow companies to raise capital by selling newly issued shares directly into the market at prevailing prices, providing flexibility in timing and amount of capital raised. However, such offerings can also lead to dilution of existing shareholders’ stakes, which may have contributed to today’s stock decline.
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