Bitmine Immersion Technologies (BMNR) saw its stock price drop over 10% after announcing a share sale. An institutional investor is buying 5.2 million shares at $70 each, with warrants to purchase more. The company aims to acquire 5% of Ethereum supply, currently holding over 2%. Despite recent crypto market volatility, Bitmine remains optimistic.

In late August, Bitmine used $20 billion in equity financing to acquire almost 200,000 Ethereum, boosting its holdings to over 2% of total supply. While this purchase was a significant increase from before, it came amidst a cryptocurrency sell-off. The company hopes sentiment will improve as Ethereum’s value rises again.

Investors considering Bitmine should note that it was not among the 10 best stocks identified by The Motley Fool Stock Advisor team. Past recommendations have seen significant returns, such as investing in Netflix or Nvidia at the time of their recommendations. Bitmine’s future performance remains uncertain amid the volatile cryptocurrency market.

Read more at Yahoo Finance: Why Bitmine Immersion Technologies Sank by 10% on Monday