Bitmine Immersion Technologies said it has priced its upsized offering of 9.50% Series A Perpetual Preferred Stock, setting the deal at 3,500,000 shares at a public offering price of $80.00 per share. The company had previously announced an offering of 3,000,000 shares. According to the release, the transaction was priced on June 4, 2026 and is expected to settle on June 10, 2026, subject to customary closing conditions.
Estimated net proceeds set at $273.8 million
After underwriting discounts, commissions, and estimated offering expenses, Bitmine expects net proceeds of roughly $273.8 million. The company said the capital is intended for general corporate purposes. That may include buying additional ETH and other digital assets, expanding staking and validator infrastructure through MAVAN, funding working capital, making strategic investments tied to the Ethereum ecosystem and broader digital asset adoption, and repurchasing common stock under its existing buyback program.
The proceeds plan stands out because Bitmine describes itself as a Bitcoin mining company operating in the United States while also pursuing an Ethereum-focused treasury strategy for institutional investors and public market participants. The company said it seeks to use ETH as its primary treasury reserve asset through staking and decentralized finance activity. In 2026, it launched MAVAN, short for Made-in-America Validator Network, as a dedicated staking infrastructure platform supporting company assets.
Preferred shares carry a 9.50% cumulative dividend
The Series A Preferred Stock will accrue cumulative dividends at a fixed annual rate of 9.50%, calculated on a stated amount of $100 per share. Bitmine said dividends will continue to accumulate whether or not they are declared and whether or not funds are legally available for payment. Regular dividends are expected to be paid in cash, when and if declared by the board, on a weekly basis in arrears, though the company may choose to increase the payment frequency later.
If any accumulated regular dividend is not paid when due, extra compounded dividends will start accruing on the unpaid amount. The initial compounded rate will be 9.50% plus 5 basis points, then rise by another 5 basis points for each subsequent dividend period until the amount is paid in full. The annual dividend rate is capped at 15%.
Redemption terms step down over time as BMNP listing is sought
Bitmine said it may redeem the Series A Preferred Stock, in whole or in part, for cash at any time. The redemption price is set at 110% of the stated amount during the first 18 months after issuance, 105% from 18 months to three years after issuance, and 100% after that, plus any accumulated and unpaid dividends through the redemption date. The company may also redeem all outstanding shares if the outstanding amount falls below 25% of the total originally issued in this and any future offerings, or if certain tax events occur.
In the event of a fundamental change, holders can require the company to repurchase some or all of their shares at a cash price equal to the stated amount plus accumulated and unpaid dividends. The preferred stock will have an initial liquidation preference of $100 per share. Bitmine added that this liquidation preference may be adjusted after issuance based on the market price of the preferred shares under the certificate of designations, but it cannot fall below $100 per share.
The company has applied to list the Series A Preferred Stock on the New York Stock Exchange under the ticker BMNP. If approved, trading is expected to begin within 30 days after issuance. Moelis & Company and Cantor are acting as joint lead bookrunners for the offering.