BitMine Immersion Technologies, Inc. is trading 5.5% down at $16.91 after the company announced the pricing of an upsized preferred stock offering, coinciding with a sharp downturn in the cryptocurrency market.
- The company priced an upsized offering of 3.5 million shares of its Series A Perpetual Preferred Stock at $80.00 per share, for gross proceeds of $280 million.
- The offering was increased from a previously announced 3 million shares, with proceeds intended for acquiring additional digital assets and other corporate purposes.
- The broader crypto market is also experiencing a significant selloff, with Ethereum falling around 5% and Bitcoin extending a weekly decline of over 14%.