LM Funding America raises $23 million to expand its BTC reserves, currently holding 150 BTC

Nasdaq-listed LM Funding America (NASDAQ: LMFA) raised $23 million through a $12.6 million registered direct offering and a $10.4 million private placement.

The funds will be primarily used to expand its Bitcoin reserves.

Currently, the company holds 150 Bitcoins and has 26 megawatts of proprietary mining capacity. LMFA recently announced the acquisition of an 11-megawatt mining facility in Columbus, Mississippi. The mining operation has achieved operating profitability, continues to contribute to its Bitcoin reserves, and offsets the company's operating costs.