BitMine Technologies Acquires 264K ETH Amid Stock Drop of 5%

Tom Lee's Bitmine Technologies (NYSE: BMNR) has increased its Ethereum reserves to over 2.4 million ETH, representing more than 2% of the total Ethereum supply. This acquisition contributes to their combined crypto and cash reserves totaling $11.4 billion.

Bitmine acquired an additional 264,378 ETH recently.
The company is now the largest corporate holder of Ethereum.
Ethereum's price dropped by 6.28% on September 22, going below $4,200.
BMNR stock fell 5% in pre-market trading.

On September 22, Bitmine announced a securities purchase agreement to raise approximately $365 million by selling 5.2 million shares at $70 per share. Additionally, warrants for up to 10.4 million shares at $87.50 could potentially bring total proceeds to $1.28 billion.

The offering includes a 14% premium over the previous closing price.
Proceeds are intended to further increase ETH holdings.
BMNR stock experienced a 5% drop, falling below $60.

Despite market pressures, Tom Lee emphasized Ethereum's potential in blockchain adoption, financial transformation, and AI integration.