1 day ago
Shares of Bitmine Immersion Technologies (BMNR), the ether (ETH) treasury strategy steadfast helmed by Fundstrat's Thomas Lee, slid 20% Thursday, extending a 40% driblet from the erstwhile day, arsenic the institution disclosed plans to rise up to $2 cardinal done a banal merchantability agreement.
The selloff comes connected the heels of Bitmine closing a $250 cardinal backing circular and securing an at-the-market (ATM) banal offering woody with Cantor Fitzgerald and ThinkEquity, according to a Wednesday SEC filing. Cantor volition enactment arsenic the pb agent, selling shares straight into the marketplace implicit clip astatine the company’s discretion.
The diminution follows a parabolic tally for Bitmine, which had surged 3,000% aft announcing an Ethereum-focused treasury strategy and naming Fundstrat’s Tom Lee arsenic president of the board.
However, CoinDesk past week reported that the terms enactment could reflector a akin arc seen with Sharplink Gaming (SBET), different ETH treasury play, whose banal skyrocketed past plunged 90% aft aboriginal investors began selling.
BMNR is down 65% since the report.
Read more: Tom Lee's Bitmine Surges 3,000% Since ETH Treasury Strategy, but Sharplink's Plunge Warrants Caution
English (US) 