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2w ago

BitMine Raises $365 Million at Premium to Expand Ethereum Holdings as Stock Drops

The company says proceeds will fund further ETH purchases toward a 5% supply goal.

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Tom Lee's BitMine discloses 2.4 million Ethereum and over $11 billion in total assets
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Overview

  • BitMine reports 2,416,054 ETH—just over 2% of circulating supply—plus 192 bitcoin, $345 million in cash, and a $175 million Eightco stake for a total of about $11.4 billion in assets.
  • The registered direct deal priced 5,217,715 shares at $70 each with immediately exercisable warrants for up to 10,435,430 additional shares at $87.50 that expire on March 22, 2027.
  • Gross proceeds are approximately $365.24 million, with potential future warrant exercises estimated to add about $913 million for total possible proceeds near $1.28 billion.
  • BMNR shares fell roughly 9%–10% to the mid‑$50s on Monday as investors weighed dilution; the company expects the offering to close around September 23 subject to customary conditions.
  • BitMine says it added 264,378 ETH in the prior week and highlights backing from investors including ARK’s Cathie Wood, Founders Fund, Pantera, Kraken, DCG, and Galaxy Digital.