Bitmine Immersion Technologies said it plans a public offering of 3 million shares of 9.50% Series A Perpetual Preferred Stock, adding fresh capital to its Ethereum-focused strategy. The company said the proceeds may be used to buy more ETH and other digital assets, expand staking and validator operations, support blockchain-related investments, provide working capital, and fund common stock repurchases.
Capital raise centers on ETH accumulation and staking operations
Bitmine said the offering is designed to serve several corporate purposes, with additional ETH purchases at the top of the list. The company also said it may use part of the proceeds to expand staking and validator activity through MAVAN. Beyond direct digital asset exposure, Bitmine pointed to strategic investments tied to the Ethereum ecosystem and broader blockchain adoption.
Some of the capital may also be directed to balance sheet management. According to the company, proceeds could be allocated to working capital or used for common stock buybacks. Bitmine added that the proposed offering still depends on market conditions and other customary requirements, so the transaction is not yet final.
Preferred shares carry a 9.50% cumulative dividend with weekly payments
The company outlined key terms for the preferred shares. Based on a stated value of $100 per share, the securities will carry a cumulative annual dividend rate of 9.50%. Dividend payments are expected to be made weekly in arrears, subject to decisions by Bitmine’s board.
If the company misses a scheduled dividend payment, unpaid amounts will continue to accrue, and extra compounded dividends will be added. The rate would then step up over time until reaching a maximum annual rate of 15%. In practical terms, a payment delay would raise Bitmine’s financing cost on the instrument.
Redemption structure and investor protections disclosed
Bitmine also described redemption rights tied to how long the preferred shares remain outstanding. Depending on the timeline, the company may redeem the securities at different price levels, plus any accumulated and unpaid dividends. The filing also includes protections for holders in the event of a fundamental corporate change.
Under those conditions, investors may require Bitmine to repurchase some or all of their preferred shares for cash, including any unpaid accumulated dividends. The company has applied to list the shares on the New York Stock Exchange under the ticker BMNP. If approved, trading could start within 30 days after issuance.