Bitmine Immersion Technologies Completes Acquisition
Ticker: BMNR · Form: 8-K · Filed: Nov 20, 2024 · CIK: 1829311
| Field | Detail |
|---|---|
| Company | Bitmine Immersion Technologies, INC. (BMNR) |
| Form Type | 8-K |
| Filed Date | Nov 20, 2024 |
| Risk Level | medium |
| Pages | 2 |
| Reading Time | 2 min |
| Key Dollar Amounts | $1,035,000, $765,861.71 |
| Sentiment | neutral |
Sentiment: neutral
Topics: acquisition, corporate-action
TL;DR
Bitmine just bought something, formerly Sandy Springs Holdings.
AI Summary
Bitmine Immersion Technologies, Inc. announced on November 14, 2024, the completion of an acquisition. The company, formerly known as Sandy Springs Holdings, Inc., is incorporated in Delaware and has its principal executive office in Las Vegas, NV.
Why It Matters
This filing indicates a significant corporate action, potentially signaling a change in the company's business strategy or assets.
Risk Assessment
Risk Level: medium — Acquisitions can introduce integration challenges and financial risks, but the specific details of this transaction are not yet fully disclosed.
Key Players & Entities
- BITMINE IMMERSION TECHNOLOGIES, INC. (company) — Registrant
- Sandy Springs Holdings, Inc. (company) — Former company name
- November 14, 2024 (date) — Date of earliest event reported
- Delaware (jurisdiction) — State of incorporation
- Las Vegas, NV (location) — Address of principal executive office
FAQ
What specific assets or business did Bitmine Immersion Technologies acquire?
The filing does not specify the details of the acquisition, only that it was completed on November 14, 2024.
What was the financial impact of this acquisition on Bitmine Immersion Technologies?
The filing does not provide any financial details or figures related to the acquisition.
When did Bitmine Immersion Technologies officially change its name from Sandy Springs Holdings, Inc.?
The filing states the date of the name change was October 21, 2020.
What is the primary business of Bitmine Immersion Technologies, Inc.?
The filing lists the Standard Industrial Classification as 'FINANCE SERVICES [6199]' and mentions '09 Crypto Assets' as the organization name, suggesting a focus on financial services and crypto assets.
Where is the principal executive office of Bitmine Immersion Technologies, Inc. located?
The principal executive office is located at 10845 Griffith Peak Dr. #2, Las Vegas, NV 89135.
Filing Stats: 487 words · 2 min read · ~2 pages · Grade level 11.8 · Accepted 2024-11-20 15:55:49
Key Financial Figures
- $1,035,000 — Pro bitcoin miners for a total price of $1,035,000 from Luxor Technology Corporation (" Lu
- $765,861.71 — 60 days. Of the amount due immediately, $765,861.71 was paid from the proceeds of a Master
Filing Documents
- bitmine_8k.htm (8-K) — 23KB
- 0001683168-24-008302.txt ( ) — 189KB
- bmnr-20241114.xsd (EX-101.SCH) — 3KB
- bmnr-20241114_lab.xml (EX-101.LAB) — 33KB
- bmnr-20241114_pre.xml (EX-101.PRE) — 24KB
- bitmine_8k_htm.xml (XML) — 3KB
01 Completion of Acquisition or Disposition of Assets
Item 2.01 Completion of Acquisition or Disposition of Assets. On November 14, 2024, Bitmine Immersion Technologies, Inc. (the " Company ") entered into an agreement to purchase 3,000 S-19j Pro bitcoin miners for a total price of $1,035,000 from Luxor Technology Corporation (" Luxor "). The Company plans to utilize a third party to host 2,900 miners. The Company expects to deploy the remaining 100 miners at its Trinidad location. The purchase price will be paid is payable as follows: 90% was due immediately, and 10% will be due within 60 days. Of the amount due immediately, $765,861.71 was paid from the proceeds of a Master Hashrate Purchase and Sale Agreement (the " Hashrate Sale Agreement "), and the balance will be paid from cash on hand. Under the Hashrate Sale Agreement, the Company sold 90 PH per day for 365 days at a price of 0.0005 per hashrate.
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. Bitmine Immersion Technologies, Inc. Dated: November 20, 2024 By: /s/ Jonathan Bates Name: Jonathan Bates Title: Chief Executive Officer 2