BitMine completes Bitcoin purchases for its treasury, investing $16.347 million from a recent stock offering to acquire 154.167 Bitcoin.
Quiver AI Summary
BitMine Immersion Technologies, Inc. has announced the completion of its Bitcoin purchases for its treasury, using proceeds from a recent stock offering that raised approximately $16.340 million after expenses. The company invested $16.347 million to acquire 154.167 Bitcoin at an average price of $106,033 each, fulfilling its commitment to use all transaction proceeds for Bitcoin investment. CEO Jonathan Bates expressed excitement about establishing the company's Bitcoin Treasury. BitMine focuses on Bitcoin accumulation for long-term investment through various avenues, including mining operations, and is positioned in low-cost energy regions. The press release also contains forward-looking statements regarding potential business benefits, emphasizing the associated risks and uncertainties.
Potential Positives
- BitMine successfully completed its public offering, raising approximately $16.340 million, which strengthens its financial position.
- The company has established a Bitcoin Treasury by investing 100% of the proceeds from its recent offering into Bitcoin, indicating a strategic focus on long-term investment.
- BitMine acquired 154.167 Bitcoin at an average price of $106,033, demonstrating active engagement in the Bitcoin market.
- BitMine's operations are strategically located in low-cost energy regions, potentially enhancing its profitability and operational efficiency in Bitcoin mining.
Potential Negatives
- Company spent $16.347 million to acquire Bitcoin but only raised approximately $16.340 million from the offering, indicating a shortfall and potential mismanagement of capital.
- The average price paid for Bitcoin at $106,033 may exceed current market prices, potentially leading to financial losses as the cryptocurrency market is volatile.
- Forward-looking statements highlight significant risks and uncertainties related to the company's ability to keep pace with technology and market needs, which could jeopardize future performance.
FAQ
What is BitMine Immersion Technologies, Inc.?
BitMine is a technology company focused on accumulating Bitcoin for long-term investment through mining and capital raising transactions.
How much Bitcoin did BitMine purchase recently?
BitMine purchased 154.167 Bitcoin at an average price of $106,033, spending approximately $16.347 million.
What were the proceeds from BitMine's recent stock offering?
The net proceeds from the recent offering were approximately $16.340 million after deducting fees and expenses.
Where are BitMine's operations located?
BitMine operates in low-cost energy regions, including Trinidad, Pecos, Texas, and Silverton, Texas.
What type of services does BitMine provide?
BitMine offers Bitcoin mining, synthetic Bitcoin mining, advisory services, and hashrate as a financial product to companies.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
Full Release
LAS VEGAS, June 17, 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 that it has completed all purchases of Bitcoin for its treasury from the proceeds of BitMine’s recent offering of shares of common stock, which closed on Friday, June 6, 2025 The net proceeds to the Company from the offering after deducting fees and expenses was approximately $16.340 million, and the Company spent $16.347 million to buy 154.167 Bitcoin at an average price of $106,033.
Jonathan Bates, BitMine CEO, stated, “We are very excited to establish our Bitcoin Treasury and fulfill our commitment to invest 100% of the transaction proceeds into Bitcoin.”
About BitMine
BitMine is a Bitcoin Network Company with a focus on the accumulation of Bitcoin for long term investment, whether acquired by our Bitcoin mining operations or from the proceeds of capital raising transactions. Company business lines include 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 potential benefits of the uses of proceeds of the Company’s recent offering and future business plans. In evaluating these forward-looking statements, you should consider various factors, including BitMine’s ability to keep pace with new technology and changing market needs; BitMine’s ability to finance its current business and proposed future business; the competitive environment of BitMine’s business; and the future value of Bitcoin. 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.
Contact:
Jonathan Bates, Chairman and CEO
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