Bitmine Immersion Technologies, a digital asset infrastructure firm, has upsized its 9.50% Series A perpetual preferred stock offering to 3.5 million shares, priced at $80 per share. After deducting estimated fees, the net proceeds are expected to reach approximately $273.8 million, with closing scheduled for June 10. The perpetual preferred shares carry a fixed annual dividend of 9.50%.
The company outlined several key uses for the capital, including accumulating additional ether (ETH) and other digital assets, deepening its footprint in the Ethereum ecosystem. Additionally, Bitmine will expand its staking and validator infrastructure through its proprietary MAVAN network, aiming to bolster its validator node operations and staking services.
Part of the proceeds will be allocated to strategic investments within the Ethereum ecosystem, while another portion will be used to repurchase common stock, improving capital efficiency. The move is intended to reinforce Bitmine’s position in the staking-as-a-service market and support long-term growth.