Shares of BitMine Immersion Technologies Inc. (BMNR) are soaring 7.46% in intraday trading on Thursday, following two major announcements that have significantly boosted investor confidence. The company revealed that its Ethereum holdings have surpassed $2 billion, marking a substantial increase from its initial investment just over two weeks ago.
According to the company's statement, BitMine Immersion now holds 566,776 ETH, representing a remarkable 700% growth from its initial $250 million private placement closed on July 8th. This rapid expansion of its Ethereum treasury positions the company strongly towards its goal of acquiring and staking 5% of the overall Ethereum supply. Chairman Thomas "Tom" Lee emphasized this achievement as a major step in increasing ETH held per share through strategic reinvestment, capital market activities, and staking yield.
Adding to the positive sentiment, BitMine Immersion also announced an expansion of its "at the market offering" prospectus. The company has filed a supplement with the SEC to increase its potential sale of common stock from $2 billion to $4.5 billion. This move allows BitMine to offer and sell additional shares through Cantor Fitzgerald & Co. and ThinkEquity LLC, potentially providing the company with significant additional capital for further expansion and investment in the cryptocurrency space. These developments have clearly resonated with investors, driving the stock's impressive intraday performance.
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