BitMine Immersion Technologies (BMNR) said it entered a securities purchase agreement with an institutional investor to sell 5,217,715 shares of common stock at $70 per share via a registered direct offering and to issue warrants to purchase up to 10,435,430 shares at an $87.50 exercise price. Before fees, the transaction is expected to generate approximately $3.6524 billion in gross proceeds; full cash exercise of the warrants would add roughly $9.13 billion, with combined proceeds potentially reaching about $12.8 billion. The offering is subject to customary closing conditions and is anticipated to close around September 23, 2025.
Chairman Tom Lee noted the placement was executed at a 14% premium to last Friday’s closing price and said the company intends to allocate proceeds primarily to increase its ETH holdings, which management described as substantially accretive to existing shareholders.
Moelis & Company LLC is serving as exclusive placement agent and Winston & Strawn LLP as legal counsel on the transaction.