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The company may sell up to $2 billion in stock through Cantor Fitzgerald and ThinkEquity in flexible at-the-market deals, according to a Wednesday filing.
Updated Jul 10, 2025, 3:00 p.m. Published Jul 10, 2025, 3:00 p.m.
Shares of Bitmine Immersion Technologies (BMNR), the ether
treasury strategy firm helmed by Fundstrat's Thomas Lee, slid 20% Thursday, extending a 40% drop from the previous day, as the company disclosed plans to raise up to $2 billion through a stock sale agreement.
The selloff comes on the heels of Bitmine closing a $250 million funding round and securing an at-the-market
stock offering deal with Cantor Fitzgerald and ThinkEquity, according to a Wednesday SEC filing. Cantor will act as the lead agent, selling shares directly into the market over time at the company’s discretion.
The decline follows a parabolic run for Bitmine, which had surged 3,000% after announcing an Ethereum-focused treasury strategy and naming Fundstrat’s Tom Lee as chairman of the board.
However, CoinDesk last week reported that the price action could mirror a similar arc seen with Sharplink Gaming (SBET), another ETH treasury play, whose stock skyrocketed then plunged 90% after early 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
Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk's full AI Policy.
Krisztian Sandor
Krisztian Sandor is a U.S. markets reporter focusing on stablecoins, tokenization, real-world assets. He graduated from New York University's business and economic reporting program before joining CoinDesk. He holds BTC, SOL and ETH.
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“AI Boost” indicates a generative text tool, typically an AI chatbot, contributed to the article. In each and every case, the article was edited, fact-checked and published by a human. Read more about CoinDesk's AI Policy.
