Why Bitcoin- And Ethereum-Related Stock BIT Mining Is Down Over 40% Today

Why Bitcoin- And Ethereum-Related Stock BIT Mining Is Down Over 40% Today

BIT Mining Ltd - ADR BTCM shares are trading lower by 40.72% to $0.46 Tuesday afternoon after the company announced a $9.3 million registered direct offering.

What Else?

BIT Mining says the company intends to use the net proceeds from this offering to invest in mining machines, expand infrastructure, improve working capital position and invest in new business opportunities.

The offering is expected to close on or about August 18th, subject to satisfaction of customary closing conditions.

See Also: Here's What's Going On With Zomedica Shares

According to data from Benzinga Pro, BIT Mining has a 52-week high of $14.65 and a 52-week low of $0.44.

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