BitMine Stock Price Plummets After Raising Common Stock Limit to $24.5 Billion

Shares of BitMine Immersion Technologies experienced a 6% decline on Tuesday after the company filed a prospectus supplement to increase its authorized common stock offering from $2 billion to $24.5 billion. The stock currently trades at $58.38. The filing, made public on August 12th, allows BitMine to raise up to $20 billion more via an ATM equity program, a significant boost in capacity. This move comes after the company previously raised its offering to $4.5 billion in July.