BitMine Immersion Technologies priced an upsized preferred stock offering at 3.5 million shares, up from the 3.0 million shares it had originally planned.
The company set the price at $80.00 a share, which puts gross proceeds at about $280 million. After underwriting discounts, commissions and estimated offering expenses, BitMine expects net proceeds of approximately $273.8 million.
The securities are 9.50% Series A perpetual preferred stock, carrying dividends on a $100 stated amount per share. The company said the offering is scheduled to settle on June 10, 2026.
BitMine said it intends to use the cash for general corporate purposes, including purchases of additional ETH and other digital assets, expansion of staking and validator infrastructure through Mavan, working capital, strategic investments tied to the Ethereum ecosystem and broader digital asset adoption, and possible repurchases of common stock.
The company also laid out the preferred stock’s redemption terms. For the first 18 months after issuance, BitMine can redeem the shares at 110% of stated value; from 18 months to three years, at 105%; and after three years, at par. The stock’s liquidation preference starts at $100 per share and can adjust upward based on trading prices, though it will not fall below $100.
BitMine said it has applied to list the preferred stock on the New York Stock Exchange under the symbol BMNP, with trading expected to begin within 30 days after issuance if approved. The market has reacted to these announcements by moving the company's shares -11.12% to a price of $15.90. Check out the company's full 8-K submission here.
