Bitmine Immersion Technologies priced an upsized preferred stock offering at 3.5 million shares, up from the 3.0 million shares it had previously planned. The company set the price at $80.00 per share, a move that is expected to bring in about $273.8 million in net proceeds after underwriting discounts, commissions and estimated expenses.
The preferred stock carries a 9.50% annual dividend on a stated amount of $100 per share. The company said the shares are scheduled to settle on June 10, 2026.
Bitmine said the offering proceeds could be used for several purposes, including buying additional ether 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 buyback program.
The company also laid out a redemption schedule for the new preferred stock. It can redeem shares at 110% of stated amount during the first 18 months after issuance, at 105% from 18 months to three years, and at 100% after three years, in each case plus accumulated and unpaid dividends. If a “fundamental change” occurs, holders can require Bitmine to repurchase shares at the stated amount plus unpaid dividends.
Bitmine said it has applied to list the preferred stock on the New York Stock Exchange under the symbol “BMNP.” If approved, trading is expected to begin within 30 days after the shares are first issued. Following these announcements, the company's shares moved -11.12%, and are now trading at a price of $15.90. For more information, read the company's full 8-K submission here.
