Bitmine Immersion Technologies (NYSEMKT: BMNR) didn’t have timing on its side with its latest round of capital raising. The cryptocurrency mining and holding company that concentrates on Ethereum saw its share price sag by more than 10% on Monday after it provided details of a share sale. That came on a trading day when the S&P 500 index closed up by 0.4%.
That morning, Bitmine divulged that it signed a purchase agreement for an institutional investor to buy slightly over 5.2 million shares of its common stock. That investor, which the company did not identify, is paying $70 per share for the stock.
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