Bitmine slips as crypto firm plans additional $20 bln stock sale

Shares of Bitmine Immersion Technologies BMNR.A down 3% at $57.20 early Tues as crypto mining and services co seeks more equity

BMNR early Tues filed up to $20 bln ATM (at-the-market) offering, increasing overall equity sales program to $24.5 bln to be handled by Cantor Fitzgerald and ThinkEquity

Prior to this filing, co says it made aggregate gross sales of nearly $4.5 bln under the prior prospectus

It plans to use net proceeds for general purposes, including working capital, pursuit of its ethereum treasury strategy, debt paydown, stock repurchases, capex, among other uses, per the filing

On June 30, co announced a private placement to buy the cryptocurrency, ethereum, sending its stock up nearly 700%

Last month, Palantir co-founder Peter Thiel disclosed a 9.1% stake in BMNR, becoming the co's top investor at that time, and U.S. tech investor Cathie Wood's ARK acquired about 4.7 mln shares worth $182 mln

As of Aug 11, BMNR had ~173.5 mln shares outstanding, per the filing, giving it roughly $10 bln market cap

BMNR shares ended 2024 at $7.80 and were trading around $4 just prior to announcing its ethereum pivot