Bitmine Immersion Shares Surge 3,000% Following $250 Million ETH Strategy
Bitmine Immersion (BMNR) has seen its shares surge over 3,000% after announcing a $250 million fundraising to acquire ETH. Key points include:
- Shares more than doubled, reaching over $140.
- The private placement offering was priced at $4.50 per share and attracted institutional investors like Founders Fund and Pantera.
- Bitmine aims to be a publicly traded proxy for ether exposure.
- The company previously focused on crypto mining and held $16 million in bitcoin before this strategy shift.
However, the rapid rise of BMNR echoes the trajectory of Sharplink Gaming (SBET), which rose 4,000% after its own ETH treasury announcement but later saw a drop of over 90% as early investors sold off their shares. Bitmine’s market capitalization is now over $800 million, reflecting aggressive expectations regarding future ETH performance. Caution is advised for retail investors pursuing momentum.