Core Viewpoint - Bitmine Immersion Technologies experienced a decline in share price by over 10% following the announcement of a share sale, despite the S&P 500 index rising by 0.4% on the same day [1] Group 1: Share Sale Details - Bitmine announced a purchase agreement for an institutional investor to acquire slightly over 5.2 million shares at $70 per share [2] - The investor will also receive warrants for an additional 10.4 million shares at an exercise price of $87.50, potentially generating approximately $913 million from cash exercises [3] - The total proceeds from these transactions could reach around $1.28 billion [3] Group 2: Ethereum Holdings and Goals - Bitmine aims to acquire 5% of the total available Ethereum and currently holds over 2% of the supply, a significant increase from less than 1% prior to a recent purchase of nearly 200,000 Ethereum [4] - This acquisition was supported by $20 billion in equity financing [4] Group 3: Market Context - The announcements coincided with a broad cryptocurrency sell-off, impacting investor sentiment negatively [5] - There is potential for improved sentiment if Ethereum's value increases in the future [5]