BitMine Immersion Technologies, Inc. Announces $18 Million Public Offering and Uplisting to NYSE American

Rhea-AI Summary

BitMine Immersion Technologies (NYSE American: BMNR) has announced a public offering of 2,250,000 shares at $8.00 per share, aiming to raise $18 million in gross proceeds. The company has also granted underwriters a 45-day option to purchase up to 337,500 additional shares for over-allotments. Concurrent with the offering, BitMine is uplisting from the OTCQX Best Market to the NYSE American exchange, with trading expected to commence on June 5, 2025, under the symbol BMNR. The company, which focuses on bitcoin accumulation through mining operations and capital raising, plans to use the net proceeds to purchase bitcoin. ThinkEquity is serving as the sole book-running manager for the offering, which is expected to close on June 6, 2025.

Positive

• Uplisting to NYSE American exchange from OTCQX, potentially increasing visibility and liquidity
• Successfully raised $18 million through public offering
• Additional potential capital through 45-day over-allotment option for 337,500 shares

Negative

• Potential dilution for existing shareholders from 2.25 million new shares
• Share offering priced at $8.00 may represent a discount to market price
• All proceeds going to bitcoin purchases rather than operational growth

Insights

Cryptocurrency Investment Analyst

BitMine secures $18M financing while uplisting to NYSE American, strengthening capital position for bitcoin acquisition strategy.

BitMine Immersion Technologies has made two significant moves that substantially enhance its market position and capital capabilities. The company has priced an underwritten public offering of 2,250,000 shares at $8.00 each, generating $18 million in gross proceeds before expenses. Additionally, underwriters received a 45-day option to purchase up to 337,500 additional shares to cover potential over-allotments.

The timing of this capital raise aligns strategically with BitMine's uplisting from the OTC Markets' OTCQX to the NYSE American exchange. This exchange migration represents a substantial validation of the company's business model and governance standards. The NYSE American listing will likely expand BitMine's investor base significantly, as many institutional investors and funds are restricted from investing in OTC-listed securities but can freely participate in NYSE-listed companies.

What makes this offering particularly notable is BitMine's explicit intention to use the proceeds to purchase bitcoin directly. This positions the company as a proxy bitcoin investment vehicle with operational mining capabilities. The company's dual approach - accumulating bitcoin both through mining operations and direct purchases from capital raises - creates a leveraged bitcoin exposure model that differentiates it from pure-play miners or bitcoin holding companies.

The successful pricing at $8.00 per share suggests reasonable market receptivity, while the engagement of ThinkEquity as sole book-runner indicates professional market support. The uplisting and capital raise together substantially strengthen BitMine's market presence and investment thesis as a bitcoin accumulation vehicle with improved liquidity and institutional accessibility.

LAS VEGAS, June 04, 2025 (GLOBE NEWSWIRE) -- BitMine Immersion Technologies, Inc. (“BitMine” and the “Company”) (NYSE American: BMNR), a technology company focused on the accumulation of bitcoin for long-term investment, whether acquired by their bitcoin mining operations or from the proceeds of capital raising transactions, today announced the pricing of an underwritten public offering of 2,250,000 shares of its common stock at a price to the public of $8.00 per share, for gross proceeds of $18 million, before deducting underwriting discounts and offering expenses. In addition, the Company has granted the underwriters a 45-day option to purchase up to an additional 337,500 shares of common stock to cover over-allotments, if any. The offering is expected to close on June 6, 2025 subject to satisfaction of customary closing conditions.

The Company also announced today that its common stock has been approved for listing on the NYSE American LLC stock exchange (“NYSE American”). Trading on NYSE American is expected to commence on June 5, 2025 under the trading symbol “BMNR.” Prices for the Company’s common stock will cease being quoted on the OTC Markets’ OTCQX Best Market concurrent with the NYSE American listing. Current stockholders of the Company do not need to take any action as a result of the uplisting.

The Company intends to use the net proceeds of the offering to purchase bitcoin.

ThinkEquity is acting as sole book-running manager for the offering.

A registration statement on Form S-1 (File No. 333-284361) relating to the shares was filed with the Securities and Exchange Commission (“SEC”) and became effective on June 4, 2025. This offering is being made only by means of a prospectus. Copies of the final prospectus, when available, may be obtained from ThinkEquity, 17 State Street, 41^st Floor, New York, New York 10004. The final prospectus will be filed with the SEC and will be available on the SEC’s website located at http://www.sec.gov.

This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About BitMine:
BitMine is a Bitcoin Network Company, with a focus on Bitcoin mining, Synthetic Bitcoin Mining through involvement in Bitcoin mining hashrate as a financial product, offering advisory and mining services to companies interested in earning Bitcoin denominated revenues, and general Bitcoin advisory to public companies. BitMine’s operations are located in low-cost energy regions in Trinidad; Pecos, Texas; and Silverton, Texas.

Forward Looking Statements:
This press release contains statements that constitute “forward-looking statements.” The statements in this press release that are not purely historical are forward-looking statements which involve risks and uncertainties. This document specifically contains forward-looking statements regarding the offering, the expected proceeds from such offering, the expected use of proceeds from such offering, the expected start of trading on the NYSE American and the expected closing date of the offering. In evaluating these forward-looking statements, you should consider various factors, including our ability to keep pace with new technology and changing market needs; our ability to finance our current business and proposed future business; and the competitive environment of our business, as well as the performance of the stock market in general. Actual future performance outcomes and results may differ materially from those expressed in forward-looking statements. Forward-looking statements are subject to numerous conditions, many of which are beyond BitMine’s control, including those set forth in the Risk Factors section of BitMine's Form 10-K filed with the Securities and Exchange Commission (the “SEC”) on April 3, 2025, as well as any other SEC filings, as amended or updated from time to time. Copies of BitMine's filings with the SEC are available on the SEC's website at www.sec.gov. BitMine undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

BitMine Immersion Technologies Contact:
Jonathan Bates, Chairman and CEO
info@bitminetech.io

FAQ

What is the size and price of BitMine's (BMNR) public offering in 2025?

BitMine's public offering consists of 2,250,000 shares priced at $8.00 per share, totaling $18 million in gross proceeds before deducting underwriting discounts and expenses.

When will BitMine (BMNR) begin trading on the NYSE American?

BitMine is scheduled to begin trading on the NYSE American exchange on June 5, 2025, under the symbol BMNR.

How will BitMine (BMNR) use the proceeds from its $18 million offering?

BitMine intends to use the net proceeds from the offering to purchase bitcoin.

What is the over-allotment option in BitMine's (BMNR) public offering?

BitMine has granted underwriters a 45-day option to purchase up to an additional 337,500 shares to cover over-allotments.

Who is the underwriter for BitMine's (BMNR) public offering?

ThinkEquity is acting as the sole book-running manager for the offering.