09:12 AM EDT, 07/21/2025 (MT Newswires) -- Aether (ATHR) shares were down nearly 9% premarket Monday after the company said it commenced an underwritten public offering of units, for expected gross proceeds of $40 million.

Each unit consists of one common share and one publicly traded warrant to purchase one share. Aether said it will also offer pre-funded units consisting of one pre-funded warrant to purchase one share, and one common warrant.

Aether said the offering is likely to be priced after the market closes on Tuesday, with the offering anticipated to close on or about Thursday.

The company said it expects to use about 85% of the net proceeds to acquire bitcoin, and the rest for working capital purposes.