Key Takeaways:
- BitMine is raising $18 million to purchase more Bitcoin.
- The company’s stock will list on NYSE American under the ticker BMNR.
- BitMine is expanding both its BTC holdings and advisory services.
BitMine Immersion Technologies is raising $18 million through a public stock offering as it looks to expand its Bitcoin holdings and deepen its treasury strategy.
In a June 4 announcement, BitMine detailed plans to offer 2.25 million shares priced at $8.00 each. Underwriters also have a 45-day option to purchase an additional 337,500 shares.
The offering is expected to close on June 6, subject to standard conditions.
BitMine to Deploy Entire $18M Raise Toward Building BTC Reserves
The company said it intends to deploy all proceeds from the raise to purchase Bitcoin, supporting its long-term approach of building BTC reserves through mining and direct acquisition.
BitMine operates in both Trinidad and Texas and is positioning itself as a Bitcoin treasury-focused public company.
Alongside the offering, BitMine confirmed that its stock has been approved for listing on the NYSE American under the ticker BMNR, with trading beginning June 5.
The stock will no longer trade on the OTCQX Best Market. ThinkEquity is managing the offering.
The capital raise comes as interest in Bitcoin mining and BTC treasury strategies continues to grow.
According to JPMorgan, the combined market cap of 13 publicly traded Bitcoin miners rose 20% in May, signaling improving mining profitability.
BitMine has also expanded into advisory services. In May, it launched a Bitcoin Treasury Advisory Practice to help other public firms develop BTC-based strategies, covering areas such as accounting and risk management.
The company also secured a $4 million leasing agreement involving 3,000 ASIC miners.
With this $18 million raise and NYSE uplisting, BitMine is doubling down on its identity as a Bitcoin-first public company — raising the question of whether its latest BTC accumulation will have an impact on Bitcoin price dynamics.
BTC Tests $104K Zone as Bulls Struggle to Regain Momentum
Bitcoin is currently trading near $104,550 after facing resistance around the $105,200–$105,300 range.
The 2-hour chart shows BTC in a consolidation phase following its recent high above $106,000. Bollinger Bands are tightening, indicating a potential breakout setup.
On the 30-minute chart, BTC has been gradually sliding from last week’s highs near $112,000, with lower highs forming a descending structure.
Current support is seen around $104,300–$104,500, which has held over the past 24 hours.
RSI on both the 2-hour and 30-minute charts is hovering in the neutral zone (39–42), suggesting no clear bullish or bearish momentum yet. MACD on the 30-minute is slightly negative, hinting at weak bearish pressure.
The 1-minute chart shows a minor recovery from the early morning low of $104,433, with RSI bouncing to 53 and MACD flipping positive — a short-term bullish signal.
For now, BTC must reclaim $105,300 to shift sentiment toward bullish continuation. Failure to hold above $104,300 could open the door for a retest of the $103,500 level.
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