Bitmine Immersion Technologies has priced an expanded offering of 3.5 million shares of its 9.50% series A perpetual preferred stock at $80 per share, increasing the deal from the previously planned 3 million shares. The offering is expected to close on June 10, 2026, pending customary conditions.
The company expects to raise about $273.8 million in net proceeds after underwriting and expenses. The shares are being issued under the Securities Act of 1933 through an existing shelf registration.
Proceeds aimed at ethereum expansion and operations
Bitmine said the capital will be used for general corporate purposes, with a strong emphasis on its ethereum-focused strategy. Planned uses include acquiring additional ETH and other digital assets, expanding its validator network through MAVAN, funding working capital, pursuing ethereum-related investments, and potentially repurchasing common stock.
The move signals a continued shift beyond bitcoin mining as the company deepens its exposure to ethereum infrastructure and treasury management.
Dividend structure and redemption terms
The preferred shares carry a 9.50% annual dividend based on a $100 stated value per share, with payments scheduled weekly if declared. Unpaid dividends will accumulate and compound weekly, starting at 9.50% plus 5 basis points and increasing incrementally up to a 15% cap.
Bitmine can redeem the shares at different price levels depending on timing. Redemption starts at 110% of the stated value within the first 18 months, falls to 105% between 18 months and three years, and then to 100% thereafter, in each case including any accrued dividends.
Traders holding the shares also have protection under certain conditions. If a fundamental change occurs, they can require the company to repurchase shares at the stated value plus unpaid dividends.
Listing plans and underwriting
Bitmine plans to list the preferred shares on the New York Stock Exchange under the ticker BMNP, with trading expected to begin within 30 days of issuance. Moelis & Company and Cantor are acting as joint lead bookrunners.
Strategy tied to ethereum holdings and market conditions
The offering comes as Bitmine doubles down on ethereum as its primary treasury asset. The company currently holds about 5.42 million ETH and has indicated an ambition to acquire up to 5% of the circulating supply.
However, this strategy is unfolding amid significant pressure. The firm is facing roughly $9.2 billion in unrealized losses following ethereum’s decline from near $4,954 in 2025 to around $1,747.
The decision to raise capital through preferred shares instead of common equity allows Bitmine to avoid dilution while still funding further accumulation and infrastructure expansion tied to ethereum.
Market impact and risks
The planned use of proceeds to purchase additional ETH could introduce near-term buying pressure in the market, particularly as a single entity accumulates at scale. This comes as price expectations for June remain relatively restrained, with projections clustering between roughly $2,055 and $2,275.
At the same time, broader sentiment in digital assets remains weak. The Crypto Fear & Greed Index recently showed “extreme fear,” while capital has been rotating into other sectors such as artificial intelligence. Spot bitcoin ETFs have also recorded a prolonged stretch of net outflows, reflecting softer demand.
The 9.50% yield on the preferred shares is positioned to attract traders in this cautious environment, but it also introduces ongoing obligations. Bitmine’s ability to sustain weekly dividend payments will depend heavily on returns from its validator operations and the performance of ethereum. A prolonged downturn in staking yields or ETH prices could strain its capacity to meet those commitments.
Want deeper insight into Ethereum’s role in Bitmine’s strategy? Explore our guide on what is Ethereum and how does it work today.
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