Bitmine Immersion Technologies secures $280 million Series A preferred stock to expand Ethereum infrastructure

Bitmine Immersion Technologies (NYSE: BMNR) announced the pricing of an upsized Series A perpetual preferred stock offering of 3.5 million shares at $80 per share, raising approximately $280 million. The preferred shares carry a 9.5% annual cumulative dividend and include redemption terms that vary by holding period.

The company said the net proceeds will be used for general corporate purposes, specifically to acquire additional ETH and other digital assets, expand its staking and validator infrastructure, and broaden its high‑density GPU computing capacity that supports Ethereum‑related workloads. The funding marks a strategic pivot from its legacy Bitcoin‑mining business toward broader Ethereum ecosystem services.

Following the announcement, BMNR shares fell about 11% in after‑hours trading, trading near $15.94. Analysts note the high beta of the stock and the mixed market reaction, highlighting the challenge of translating the new financing into sustainable cash flow for the company’s Ethereum‑focused initiatives.