Shares of Bitmin -the Sinking Technologies (BMNR)The ether
The Treasury strategy company helped by Fundstrat’s Thomas Lee slipped 20% Thursday and extended a 40% decrease from the previous day when the company revealed plans to raise up to $ 2 billion through a share sales agreement.
Sales come on the heels of Bitmine that closes a $ 250 million financing round and secures a market
Stock offerings with Cantor Fitzgerald and Thinkequity, according to a SEC archiving Wednesday. Cantor will act as the main agent and sell shares directly on the market over time in the company’s discretion.
The fall follows a parabolic race for Bitmine, who had risen 3,000% after announcing an Ethereum-focused State Treasury strategy and naming strate Tom Lee as chairman of the board.
Coindesk last week, however, reported that the price action could mirror a similar bow seen with Sharplink play (Sbet)Another ETH Treasury act, whose stock skyrocket then dropped 90%after the early investors started selling.
BMNR is down 65% since the report.
Read more: Tom Lee’s Bitmine Waves 3,000% Since ETH Treasury Strategy, but Sharplinks Plunge guarantees caution
