Crypto Miner Bit Digital Raises $500 Million Through ATM Offering

Crypto miner Bit Digital (BTBT) has reportedly filed a prospectus with the U.S. Securities and Exchange Commission (SEC). It plans to raise $500 million through an At-The-MarketOffering, which refers to publicly traded companies' Subsequent stock offerings to raise funds. According to the filing, the stock offering may include common stock, preferred stock (including convertible preferred stock), warrants, and units comprising a preceding combination. The company said the proceeds would be used for general corporate purposes, including capital expenditures, the purchase of new mining equipment, other potential acquisitions, and general working capital. If Bit Digital sells its common stock, H.C. Wainwright will act as the underwriter, and he will offer to sell about 181.8 million shares, which means that if all of the $500 million worth of shares are sold, its outstanding shares will increase by about 241%.