BitMine Immersion completes $365.2 million stock offering at premium

BitMine Immersion Technologies (NYSE American: BMNR) announced it has priced a registered direct offering of approximately 5.22 million shares at $70 per share, raising $365.24 million in gross proceeds.

The cryptocurrency mining company also issued warrants to purchase up to 10.4 million additional shares at an exercise price of $87.50 per share. The warrants are exercisable immediately and expire on March 22, 2027.

The $70 share price represents a 14% premium to BitMine's closing price of $61.29 on September 19, 2025. If all warrants are exercised for cash, the company could receive an additional $913 million, bringing total potential proceeds to approximately $1.28 billion.

BitMine Chairman Thomas Lee stated the premium reflects institutional investor interest and confidence in the company's execution. The company plans to use proceeds primarily to increase its Ethereum holdings.

The offering includes participation from institutional investors including ARK's Cathie Wood, Founders Fund, Pantera, and Galaxy Digital, according to the company.

Moelis & Company served as sole placement agent for the transaction. Winston & Strawn provided legal counsel to BitMine.

The offering is expected to close on or about September 23, 2025, subject to customary closing conditions. The transaction is being conducted under an effective shelf registration statement filed with the Securities and Exchange Commission.

BitMine operates Bitcoin and Ethereum mining facilities in Trinidad and Texas, focusing on cryptocurrency accumulation for long-term investment.

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