TLDR
- BitMine Immersion completed $365.24 million direct offering at $70 per share, 14% above market price
- Deal includes warrants for additional 10.44 million shares at $87.50, potentially raising total to $1.28 billion
- Cathie Wood’s ARK, Founders Fund, and other institutional investors backed the offering
- Proceeds will fund ethereum purchases as part of company’s goal to acquire 5% of ETH supply
- Transaction dilutes existing shareholders by approximately 5% but at premium pricing
BitMine Immersion Technologies completed a registered direct offering that raised $365.24 million for its ethereum accumulation strategy. The crypto-focused company sold 5.22 million shares at $70 per share to institutional investors.
The offering price represents a 14% premium to BitMine’s closing price of $61.29 on September 19. This premium pricing stands out as secondary offerings typically trade at discounts to market rates.
The transaction structure includes warrants to purchase up to 10.44 million additional shares at $87.50 each. These warrants expire in March 2027 and could generate another $913 million if fully exercised.
Combined proceeds from shares and warrants could reach $1.28 billion total. BitMine plans to use these funds primarily to expand its ethereum holdings toward its stated goal of acquiring 5% of all ETH tokens.
Strong Institutional Backing Drives Deal
The offering attracted support from prominent institutional investors including ARK’s Cathie Wood, Founders Fund, and MOZAYYX. Other participants include Bill Miller III, Pantera Capital, Kraken, DCG, Galaxy Digital, and Thomas Lee.
Chairman Thomas Lee emphasized the premium pricing as validation of institutional confidence. He noted that BitMine remains “the only large-cap US stock to give investors direct exposure to ethereum.”
The warrant component provides additional upside potential with the $87.50 exercise price representing 25% above the offering price. This structure gives investors nearly two years to capitalize on potential ethereum price appreciation.
Ethereum Treasury Strategy Continues
BitMine’s capital raise supports its ambitious ethereum accumulation plan. The company has positioned itself as a specialized vehicle for institutional ethereum exposure through direct token holdings.
The 5% ethereum acquisition target would require billions in additional purchases beyond current holdings. This strategy mirrors approaches taken by other crypto treasury companies but focuses specifically on ethereum rather than bitcoin.
The offering dilutes existing shareholders by roughly 5% through new share issuance. However, the premium pricing helps offset this dilution compared to typical discounted offerings.
The transaction closed on September 23, 2025, providing BitMine with immediate capital for ethereum purchases. The company continues building its position as Wall Street interest in ethereum blockchain applications grows.
