Bitmine Immersion Technologies, Inc. (NYSE: BMNR) said it intends to offer 3,000,000 shares of its 9.50% Series A Perpetual Preferred Stock in a registered public offering, subject to market and other conditions.
The company said net proceeds are expected to be used for general corporate purposes. Those uses may include buying additional ETH and other digital assets, expanding staking and validator infrastructure through MAVAN, supporting working capital, making strategic investments tied to the Ethereum ecosystem and broader digital asset adoption, and repurchasing common stock under its existing buyback program.
Dividend structure includes weekly payments and compounding on unpaid amounts
The preferred stock will carry a stated amount of $100 per share and will accumulate cumulative dividends at a fixed rate of 9.50% per year. Regular dividends, if declared by Bitmine’s board and if legally available, will be paid weekly in arrears and only in cash. The company also said it may choose to pay regular dividends more frequently in the future.
If any regular dividend is not paid on the applicable payment date, additional regular dividends will accrue on that unpaid amount on a compounded basis. The initial compounded dividend rate will be 9.50% plus 5 basis points on a weekly dividend period basis, and it will rise by 5 basis points for each following regular dividend period until it reaches a maximum annual rate of 15%.
Redemption schedule steps down over time
Bitmine will have the option to redeem the Series A Preferred Stock, in whole or in part, for cash. From the original issue date through 18 months, the redemption price will equal 110% of the stated amount per share. From 18 months to 3 years, the price falls to 105%. After 3 years, the redemption price becomes 100% of the stated amount, plus any accumulated and unpaid dividends in each case.
The company may also redeem all, but not less than all, of the preferred stock if the total outstanding amount drops below 25% of the total number of shares originally issued in this and future related offerings. A full redemption right also applies if certain tax events occur. If a “fundamental change” takes place under the governing certificate, holders may require Bitmine to repurchase some or all of their shares for cash at the stated amount plus accumulated and unpaid regular dividends.
NYSE listing application filed under BMNP
The liquidation preference starts at $100 per share. After issuance, it may be adjusted based on the highest of the stated amount, the last reported sale price in specified circumstances, or the arithmetic average of reported sale prices over the prior 10 consecutive trading days, though it cannot be reduced below $100 per share.
Bitmine has applied to list the Series A Preferred Stock on the New York Stock Exchange under the ticker BMNP. If approved, the company expects trading to begin within 30 days after the first issuance. Moelis & Company and Cantor are serving as joint lead bookrunners for the deal.
In its company description, Bitmine said it operates as a Bitcoin miner in the US and is deploying excess capital toward an Ethereum treasury strategy. The firm also said it launched MAVAN (Made-in America VAlidator Network) in 2026 as dedicated staking infrastructure for Bitmine assets.