BitMine Immersion Technologies Inc (NYSE:BMNR) shares are trading lower Monday morning after the company announced the pricing of a $365.24 million registered direct offering.
What To Know: The company is selling approximately 5.22 million shares of common stock at $70.00 per share, a 14% premium to the closing price on September 19th. The offering also includes warrants to purchase up to 10.4 million shares at an exercise price of $87.50 per share.
Technical Momentum: BMNR is currently trading at $57.37, reflecting a daily decline of 6.39%. The stock is above its 50-day moving average of $46.09, indicating a bullish trend in the medium term, but the recent drop suggests potential resistance around the $58 level. Support may be found near the 50-day moving average, which could act as a key level for buyers.
Benzinga Edge Rankings: According to Benzinga Edge stock rankings, BMNR boasts an exceptional Momentum score of 99.31, while its price trend is positive across short, medium and long-term outlooks.
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How To Buy BMNR Stock
By now you're likely curious about how to participate in the market for BitMine Immersion – be it to purchase shares, or even attempt to bet against the company.
Buying shares is typically done through a brokerage account. You can find a list of possible trading platforms here. Many will allow you to buy “fractional shares,” which allows you to own portions of stock without buying an entire share.
In the case of BitMine Immersion, which is trading at $55.75 as of publishing time, $100 would buy you 1.79 shares of stock.
If you're looking to bet against a company, the process is more complex. You'll need access to an options trading platform, or a broker who will allow you to “go short” a share of stock by lending you the shares to sell. The process of shorting a stock can be found at this resource. Otherwise, if your broker allows you to trade options, you can either buy a put option, or sell a call option at a strike price above where shares are currently trading – either way it allows you to profit off of the share price decline.
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