Bitmine Immersion Stock Slumps 20% Amid $2 Billion ATM Sale

Bitmine Immersion Falls Another 20% as Investors React to $2B Stock Sale Plan

Bitmine Immersion Technologies (BMNR) dropped an additional 20% on Thursday, extending a steep sell-off sparked by the company’s announcement of plans to raise up to $2 billion through an at-the-market (ATM) equity offering. The latest decline follows a sharp 40% slide the previous day, as investors worry about potential dilution from the new share issuance.

According to a filing with the SEC on Wednesday, Bitmine will conduct the stock sale via ATM deals through Cantor Fitzgerald and ThinkEquity. Cantor will act as the primary agent, executing share sales directly into the market at prices determined by Bitmine.

This new fundraising effort comes on the heels of Bitmine securing $250 million in fresh capital. Led by Fundstrat’s Thomas Lee, Bitmine has attracted significant attention for its aggressive move into Ethereum (ETH) holdings, which previously fueled a 3,000% rally in its share price.

Yet the meteoric rise has sparked caution among market watchers. Last week, CoinDesk highlighted similarities between Bitmine’s trading pattern and that of Sharplink Gaming (SBET) — another company that built an ETH treasury and saw its stock soar before plunging nearly 90% as insiders exited positions.

Since that analysis, BMNR shares have now shed a total of 65%.