Bitmine Immersion Technologies plans to raise capital through a public offering of 3,000,000 shares of its 9.50% series A perpetual preferred stock, with proceeds directed toward expanding its ETH-focused treasury strategy and digital asset operations. The shares, registered under the Securities Act of 1933, will have a stated value of $100 each and pay dividends at a fixed annual rate of 9.50%, accruing weekly.
Use of proceeds centers on ETH and staking expansion
Bitmine said the capital raised will be used for general corporate purposes, including the purchase of additional ETH and other digital assets, expansion of staking and validation infrastructure via its MAVAN platform, and potential repurchases of common stock under its existing buyback program.
The move underscores the company’s strategy to convert traditional capital market funding into digital assets, with a particular focus on Ethereum’s staking economy. The company’s allocation toward ETH is expected to add to market demand and reflects a growing trend of institutional participation in staking, which has become a key component of Ethereum’s security and reward structure. Industry data shows that more than 31% of total ETH supply is now staked, up from around 26% at the start of 2024.
Dividend terms and compounding mechanics
Regular dividends on the preferred shares will be payable in cash when declared by Bitmine’s board. Any unpaid dividends will accrue and compound weekly, initially at 9.50% plus 5 basis points. That compounded rate may increase by an additional 5 basis points per year for each subsequent unpaid period, subject to a maximum annual rate of 15%.
The structure is designed to offer a relatively high fixed yield compared with many preferred stocks listed on major exchanges, with the weekly compounding of unpaid dividends adding further income potential for holders and creating pressure on the company to maintain its dividend schedule.
Redemption features and fundamental change protections
Bitmine will have the right to redeem the preferred stock at different premiums depending on timing. The company may redeem the shares at 110% of stated value if called within the first 18 months after issuance, 105% if redeemed between 18 months and three years, and 100% after three years. In each case, the redemption price would include any unpaid dividends.
The firm may also redeem all outstanding shares if fewer than 25% remain in circulation or if specified tax-related events occur, at a price equal to the liquidation preference plus accrued dividends.
If a fundamental change takes place, holders will have the right to require the company to repurchase their shares for $100 per share plus accumulated dividends.
Daily-adjusted liquidation preference
The liquidation preference per share will reset daily to reflect the highest of three metrics: the $100 stated value, the last reported sale price, or the ten-day average price. The preference cannot fall below $100 per share, which is intended to provide an additional layer of downside protection relative to the initial stated value.
Planned NYSE listing and deal management
Bitmine has applied to list the preferred stock on the New York Stock Exchange under the ticker symbol “BMNP.” The company expects trading to begin within 30 days following the issuance of the shares.
Moelis & Company and Cantor Fitzgerald are serving as joint lead bookrunners on the transaction. The offering will be conducted under an effective shelf registration statement on Form S-3 filed with the SEC in 2025. Electronic copies of the preliminary prospectus and related documents are available on the SEC’s website.
Strategic shift amid Bitcoin mining headwinds
Based in the United States, Bitmine operates as a Bitcoin mining company and has been building out an Ethereum-based treasury and income strategy. The firm launched MAVAN in 2026 to support staking and digital asset management, positioning it to earn yield from ETH staking alongside its traditional mining income.
The offering comes at a time when Bitcoin mining margins are under pressure due to rising network difficulty and operational costs. Bitmine’s push into Ethereum staking is being framed as a diversification effort aimed at generating more stable, yield-based revenue streams that are less directly tied to energy-intensive mining operations.
Market implications and what traders are watching
For market participants tracking digital asset exposure in traditional securities, Bitmine’s preferred stock deal represents a hybrid structure: income-oriented equity raising that is explicitly linked to building a larger ETH position and staking infrastructure.
Traders will be watching the initial performance of BMNP on the NYSE as an indicator of demand for regulated securities whose proceeds are earmarked for digital asset accumulation and staking. If the deal prices well and trades robustly, it could encourage other crypto-focused companies to tap public capital markets with similar preferred stock offerings or structured products aimed at funding blockchain-based revenue streams.
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