Crypto firm Bitmine down after $365 mln direct stock deal announced

Shares of Bitmine Immersion Technologies BMNR.A down 5.7% premarket at $57.80 after crypto mining firm announces $365.2 mln equity raise

BMNR early Mon says it sold ~5.2 mln shares at $70 to an institutional investor in registered direct offering with Moelis & Co MC.N as sole placement agent

It also sold ~10.4 mln warrants at an exercise price of $87.50

BMNR shares on Fri closed up 2.2% at $61.29

Co plans to use net offering proceeds to acquire more of the cryptocurrency ether ETH=

In a filing, co said as of Sept 21 its ETH holdings exceed 2% of Ethereum network supply with holdings comprising 2.4 mln ETH tokens

ETH on Mon is currently down 6.7% at $4,178

On June 30, co announced a private placement to pursue Ethereum treasury strategy, sending its stock up nearly 700%

As of Sept 19, BMNR had ~279.5 mln shares outstanding, per the prospectus, for about $17 bln market cap through Fri