LM Funding raises $23M to accelerate bitcoin treasury strategy

LM Funding (LMFA) America announced the pricing of a $12.6M registered direct offering and the closing of a $10.4M private placement for combined gross proceeds of approximately $23M. The net proceeds from the offerings will be used primarily to purchase additional Bitcoin for the Company’s treasury. LM Funding launched its Bitcoin treasury strategy in 2021 and added Bitcoin mining operations in 2022. Since then, the Company has accumulated 150 Bitcoin and a path to 26 megawatts of owned mining capacity. The Company’s mining operations segment is currently profitable on an operating income basis and helps offset public company overhead while contributing incremental Bitcoin to the treasury, creating an efficient structure for long-term Bitcoin accumulation. The Company also recently announced the planned acquisition of an 11 MW mining site in Columbus, Mississippi from Greenidge Generation. This purchase, funded directly from the Company’s balance sheet, is expected to further expand the Company’s low-cost mining capacity and enhance its vertically integrated approach. Maxim Group LLC acted as the placement agent in connection with the private placement and registered direct offerings.