Bitmine Immersion Shares Drop Another 20% Amid $2B Stock Sale Plan

Bitmine Immersion Technologies (BMNR) saw its shares tumble another 20% on Thursday, deepening losses after the company revealed plans to raise up to $2 billion through an at-the-market (ATM) equity offering. The decline follows a 40% drop the previous day, as investors digested the news of potential share dilution.

According to a Wednesday SEC filing, Bitmine intends to sell shares via flexible ATM deals through Cantor Fitzgerald and ThinkEquity. Cantor will serve as the lead agent, executing share sales directly into the market at Bitmine’s discretion over time.

The fundraising news arrives shortly after Bitmine closed a $250 million funding round. The company, led by Fundstrat’s Thomas Lee, has recently captured attention for its aggressive Ethereum (ETH) treasury strategy—a move that had previously driven BMNR shares up a staggering 3,000%.

However, the rapid surge has raised concerns about a potential repeat of past patterns. Last week, CoinDesk reported that Bitmine’s price action could be echoing Sharplink Gaming (SBET), another ETH treasury play whose shares soared before plunging 90% as early investors sold off.

Since that report, BMNR shares have fallen a total of 65%.