BitMine Immersion Technologies (BMNR) stock rocketed higher on Monday after the blockchain technology company announced a $250 million private placement. This saw it sell 55,555,556 shares of BMNR stock for $4.50 each. MOZAYYX led the purchase agreement, and several other investors joined in.
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BitMine Immersion Technologies intends to use the gross proceeds from the private placement to purchase Ethereum (ETH). This will make the cryptocurrency the company’s primary treasury reserve asset. BitMine Immersion Technologies also intends to work alongside FalconX, Kraken, and Galaxy Digital (GLXY) as part of its treasury plans.
BMNR stock was up 228.02% as of Monday morning. That erased its year-to-date drop of 45.32%, as investors took interest in its crypto treasury plans. Today’s news also came with heavy trading, as some 20 million shares changed hands, compared to a three-month daily average of about 74,000 units.
