Why Bitmine immersion technologies sank 10% on Monday

Bitmine immersion technologies (NYSEMKT: BMNR) He had no schedule on his side with his last capital collection round. Cryptocurrency mining and the holding company that is concentrated in Ethereum He saw the price of the price of his share in more than 10% on Monday after he provided details of a sale of shares. That came on a negotiation day when the S&P 500 Index closed by 0.4%.

That morning, Bitmine disclosed that he signed a purchase agreement for an institutional investor to buy a little more than 5.2 million shares of his common actions. That investor, which the company did not identify, is paying $ 70 per share for the shares.

You are also receiving guarantees to buy an additional package of up to 10.4 million shares at an exercise price of $ 87.50 each. Bitmine wrote that the “possible future aggregate income of arrest orders represent approximately $ 913 million of cash exercises. “

In total, the company added, the total take of these problems could be approximately $ 1.28 billion.

Bitmine has established the objective of acquiring 5% of Ethereum’s total available. Aviously, and also on Monday, he offered an update on his holdings of the popular cryptocurrency. He wrote in a press release that his Ethereum portfolio now exceeds 2% of the supply.

That amount has increased considerably in recent times. Promoted by $ 20 billion in capital financing, at the end of August, the company rose to almost 200,000 Ethereum. Before that acceptance, Bitmine had less than 1%.

Unfortunately for the company, its twin ads arrived immediately after a wide victim of cryptocurrencies last weekend, which leaked in Monday’s trade. The time is often critical in the always volatile cryptover; The positive side of this is that the feeling of investors in Bitmine could improve quite drastically once Ethereum begins to go to the north in value again.

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