BTC Digital (BTCT) shares were slumping 33% premarket Friday after the company said it priced a public offering of 2.5 million shares at $8.00 apiece for $20 million in aggregate gross proceeds.

The offering includes pre-funded warrants at the same price, minus an exercise price of $0.001 per pre-funded warrant, BTC Digital said. Shares available in the offering will be decreased on a one-for-one basis for each pre-fund warrant sold, the company added.

Net proceeds from the offering will be used for general corporate purposes and working capital, BTC Digital said. The transaction is expected to close on Monday.