What's Going On With BitMine Stock Today?

Shares of BitMine Immersion Technologies Inc. BMNR are trading lower Wednesday and were halted on a circuit breaker after the company filed for an offering.

What To Know: BitMine entered into a Controlled Equity Offering Sales Agreement in which the company may offer and sell up to $2 billion of its common stock from time to time.

The announcement comes after the company said Wednesday morning that it closed a $250 million private placement aimed at helping the company implement an Ethereum ETH/USD treasury strategy.

BitMine said the funding, raised through a mix of cash and cryptocurrency, will be used to purchase ETH, the native layer of the Ethereum blockchain. The company will launch its Ethereum strategy while continuing its core business operations. 

“One key performance metric for BitMine going forward will be increasing ETH held per share and also driving reflexive benefits by accumulating a larger share of the supply of ETH,” said Tom Lee, newly appointed chairman of BitMine’s Board of Directors.

“We believe this can be achieved through a combination of reinvestment of the Company’s cash flows, capital markets activities, and by the change in value of ETH.”

BMNR Price Action: BitMine Immersion shares were down 39.8% at $67.15 at the time of writing, according to Benzinga Pro.

Read Next:

• Tesla Is Getting Burnt By Copper’s God Candle

Image via Shutterstock.