Bitmine Immersion Technologies (NYSE: BMNR), the largest U.S. Ethereum treasury company, announced on June 5, 2026, that it has upsized and priced its Series A perpetual preferred stock offering to 3.5 million shares at $80 each. After expenses, the company expects to net approximately $273 million, which will be deployed primarily to acquire additional Ethereum (ETH) and other digital assets, as well as to scale its staking and validator infrastructure.
9.5% Annual Fixed Dividend, Paid Weekly
The preferred stock carries a fixed annual rate of 9.5% based on a $100 liquidation preference per share, with weekly dividend payments. A compound interest mechanism kicks in if payments are delayed, potentially raising the yield to 15%. Bitmine is targeting yield-hungry traditional investors while bolstering its balance sheet for a massive ETH accumulation strategy.
Redemption Flexibility and NYSE Listing Application
Bitmine retains the right to redeem the shares at 110% of the issuance price within the first 18 months, 105% from 18 months to three years, and 100% thereafter. Holders can also force a repurchase at a price including unpaid dividends if a fundamental change occurs. The initial liquidation preference is $100 per share, subject to upward adjustment based on market prices. Bitmine has applied to list the preferred stock on the New York Stock Exchange under the ticker BMNP, with trading expected to begin within 30 days of approval.
Proceeds will also cover working capital, strategic investments in the Ethereum ecosystem, and common share buybacks. Despite the recent market downturn, Bitmine is accelerating its transformation into the world's leading Ethereum treasury, continuing to accumulate ETH and expand validator operations.