Bitmine Immersion Stock Drops 20% Following $2B ATM Offering Announcement

Shares of Bitmine Immersion Technologies (BMNR) fell 20% after announcing plans to raise up to $2 billion through a stock sale agreement with Cantor Fitzgerald and ThinkEquity. The company's stock had surged 3,000% after announcing an Ethereum-focused treasury strategy and naming Fundstrat's Tom Lee as chairman. However, the price action has mirrored a similar arc seen with Sharplink Gaming, whose stock plunged 90% after early investors began selling. BMNR is down 65% since the report.

Title: Bitmine Immersion Technologies Shares Fall 20% After $2 Billion Stock Sale Announcement

Bitmine Immersion Technologies (BMNR) experienced a significant drop in its stock price, falling 20% after the company announced plans to raise up to $2 billion through a stock sale agreement with Cantor Fitzgerald and ThinkEquity. The decline comes on the heels of a parabolic run for the company, which had surged 3,000% after announcing an Ethereum-focused treasury strategy and naming Fundstrat’s Tom Lee as chairman of the board.

The stock sale agreement, which allows the company to sell shares of its common stock from time to time with a total aggregate sales price of up to $2 billion, has contributed to the stock's volatility. The announcement of this offering has led to a significant drop in the stock price, with shares falling 45.29% on July 10, 2025 [5].

The price action of BMNR mirrors a similar arc seen with Sharplink Gaming, whose stock plunged 90% after early investors began selling. Since the report, BMNR is down 65% [3].

Bitmine Immersion Technologies has been shifting its strategy to focus more on Ethereum as a treasury reserve asset. The company aims to accumulate ETH through cash flow reinvestment and capital markets activities, positioning itself as an early investor in the infrastructure behind stablecoins. This strategy aligns with broader Ethereum ecosystem dynamics, as the primary blockchain hosting stablecoins and DeFi applications could benefit from the projected growth of the stablecoin market to over $2 trillion [2].

The company's recent funding round, which raised $250 million, was led by MOZAYYX with participation from notable investors including Founders Fund, Pantera, Kraken, and Galaxy Digital. The funds were used to purchase ETH as the company's primary treasury reserve asset, enabling participation in protocol-level activities such as staking and DeFi mechanisms [2].

The appointment of Tom Lee as chairman further solidifies the company's commitment to Ethereum. Lee emphasized the company's strategy to increase ETH held per share and accumulate a larger supply of ETH through cash flow reinvestment and capital markets activities [2].

The volatility in BMNR's stock price highlights the high-risk nature of the company's strategy. Investors should closely monitor the company's progress in executing its Ethereum-focused treasury strategy and its ability to navigate the volatile crypto market.

References:
[1] https://www.businessinsider.com/bitmine-immersion-stock-price-ethereum-treasury-bmnr-tom-lee-bitcoin-2025-7
[2] https://www.stocktitan.net/news/BMNR/bit-mine-immersion-technologies-closes-250-million-private-placement-k8r3y8r4q74v.html
[3] https://www.coindesk.com/markets/2025/07/10/bitmine-immersion-sheds-another-20-after-2b-atm-offering
[4] https://www.investing.com/news/sec-filings/bitmine-immersion-technologies-sets-up-2-billion-atthemarket-stock-offering-93CH-4128948
[5] https://www.ainvest.com/news/bitmine-immersion-plunges-10-37-2-billion-offering-2507/