Tom Lee’s Bitmine (BMNR) raises $ 365m to $ 70 a part to expand its massive eth treasury
Bitmine Immersion Technologies (BMNR).
The company announced This morning is its treasury, worth $ 11.4 billion to Sept. 21, consists of 2,416,054 ETH at $ 4,497 per token, 192 Bitcoin $ 345 million in cash and a $ 175 million equity stake in Eightco Holdings.
Bitmine describes herself as the largest public owner in the world of Ether and the second largest largest crypto treasury in general, just walking on Michael Saylor Inc.’s approach only. (Mstr).
Bitmine was led by Tom Lee, who was also head of research to the Fundstrat and Chief Investment Officer in the Fundstrat Capital.
Lee said the company is pursuing what he calls “alchemy of 5%,” which aims to accumulate 5% of the total ETH supply. “Wall Street and AI who move to the blockchain should lead to a greater financial system change today. And most of it is taking place in Ethereum,” Lee said.
Increasing funds to grow Treasury
After a few hours, Bitmine announced A security purchase agreement with an institutional investor covering 5.2 million sharing of standard stock to $ 70 per part – about 14% above September 19 closely – with warrants up to 10.4 million additional sharing to $ 87.50.
The offer is expected to raise $ 365 million in gross proceeds, with warrants potentially add another $ 913 million, bringing the total potential revenue to nearly $ 1.28 billion.
Lee said the basic use of funds is to expand Bitmine’s ether holdings, calling for the premium pricing “accretive material” to existing shareholders.
Bitmine added that institutional demand reflects the growing interest in Ethereum as Wall Street incorporates the blockchain to financial infrastructure.
Until 11:13 am ET, BMNR’s sharing traded around $ 55.79, down 9% during the day, according to Google Finance.
