BitMine Immersion Technologies is raising $18 million through a public stock offering to expand its Bitcoin holdings.

According to the company’s announcement in a June 4 press release, the offering includes 2.25 million shares priced at $8.00 each. BitMine has also granted underwriters a 45-day option to purchase an additional 337,500 shares to cover potential over-allotments. The offering is expected to close on June 6, pending customary conditions.

BitMine intends to use all of the funds raised to purchase Bitcoin btc-0.68%Bitcoin, aligning with its strategy of acquiring Bitcoin through mining and direct investment. With operations in Trinidad and Texas, the company is positioning itself as a long-term Bitcoin treasury-focused enterprise.

Alongside the raise, BitMine revealed that its stock has been approved for listing on the NYSE American exchange under the ticker BMNR, with trading beginning June 5. The company’s stock will simultaneously cease trading on the OTCQX Best Market.

Shareholders are not required to take any action in connection with the uplisting. ThinkEquity is acting as the sole book-running manager for the offering.

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The move comes amid an ongoing shift in sentiment around Bitcoin mining. The combined market capitalization of 13 publicly traded Bitcoin miners increased by 20% in May, according to a recent report by JPMorgan, indicating increased mining profitability.

In addition to the latest development, BitMine launched a Bitcoin Treasury Advisory Practice in May and secured a $4 million leasing agreement with 3,000 ASIC miners. The new unit helps public companies develop BTC-based strategies, including accounting and hedging.

BitMine’s CEO Jonathan Bates has previously highlighted the growing demand for infrastructure and advisory services as more companies explore Bitcoin-based treasury models.

With this raise and its NYSE uplisting, BitMine is leaning further into its identity as a Bitcoin-first public company, betting that increased investor exposure and capital will enhance its long-term BTC strategy.