Key Takeaways:
BitMine is pursuing $18 million in funding to enhance its Bitcoin acquisitions.
The company will list its stock on NYSE American under the ticker BMNR.
BitMine aims to broaden its BTC holdings and advisory offerings.
BitMine Immersion Technologies has announced its intent to raise $18 million through a public stock offering as part of an initiative to expand its Bitcoin holdings and enhance its treasury strategy.
On June 4, BitMine revealed plans to issue 2.25 million shares at a price of $8.00 each, with underwriters holding the option to purchase an additional 337,500 shares within a 45-day window.
The offering is slated to close on June 6, pending standard conditions.
BitMine to Use Entire $18M Raise for BTC Acquisition
The proceeds from this capital raise are earmarked for the purchase of Bitcoin, aligning with the company’s long-term strategy of increasing BTC reserves through both mining operations and direct purchases.
Operating in Trinidad and Texas, BitMine is positioning itself as a publicly traded entity centered on Bitcoin treasury management.
In conjunction with this offering, BitMine confirmed its stock listing approval on the NYSE American, adopting the ticker BMNR, with trading set to commence on June 5.
This move marks a shift from trading on the OTCQX Best Market, with ThinkEquity overseeing the offering.
This fundraising effort coincides with a rising interest in Bitcoin mining and BTC treasury strategies. Research from JPMorgan indicates that the collective market capitalization of 13 publicly traded Bitcoin miners surged by 20% in May, reflecting enhanced mining profitability.
BitMine has also branched into advisory services, launching a Bitcoin Treasury Advisory Practice in May to assist other public companies in crafting BTC-centered strategies, which include guidance on accounting and risk management.
Additionally, the company secured a $4 million leasing arrangement for 3,000 ASIC miners.
With this $18 million capital raise and the anticipated NYSE uplisting, BitMine reinforces its reputation as a Bitcoin-centric public company, raising questions regarding the potential influence of its latest BTC procurement on price dynamics in the market.
BTC Attempts $104K Threshold as Bullish Momentum Lags
Bitcoin is trading near $104,550, encountering resistance in the $105,200–$105,300 range.
The 2-hour chart indicates that BTC is currently consolidating after a recent peak exceeding $106,000, with Bollinger Bands tightening, suggesting a possible breakout is on the horizon.
Analyzing the 30-minute chart reveals a gradual decline from last week’s highs just shy of $112,000, characterized by descending lower highs.
Support levels are identified around $104,300–$104,500, which have remained intact over the past day.
Both the 2-hour and 30-minute Relative Strength Index (RSI) are positioned within the neutral zone (39–42), indicating that no definitive bullish or bearish momentum is present. Meanwhile, the MACD on the 30-minute chart shows slight negativity, signaling weak bearish pressure.
On the 1-minute chart, a minor rebound from an early morning low of $104,433 is evident, with RSI rising to 53 and MACD turning positive, presenting a short-term bullish indicator.
For Bitcoin to pivot sentiment toward a bullish outlook, it needs to reclaim the $105,300 mark. Conversely, failing to maintain above $104,300 could lead to a retest of the $103,500 level.
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