PANews reported on August 19th that 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 its own mining capacity. LMFA recently announced the acquisition of an 11-megawatt mining facility in Columbus, Mississippi. The mining operation has achieved operating profits, continues to contribute to the company's bitcoin reserves, and offsets the company's operating costs.