Bitmine Immersion Technologies Launches $300M Series A Perpetual Preferred Stock Offering

Bitmine Immersion Technologies (NYSE: BMNR) announced a $300 million capital raise through a Series A perpetual preferred stock offering. The company will issue 3 million shares at a $100 stated amount, later upsized to 3.5 million shares priced at $80 each, yielding a fixed 9.5% annual dividend payable weekly in cash. The preferred shares accrue cumulative dividends, with a compounded rate that can rise to a maximum of 15% per year, and can be redeemed at 110% of the stated amount within the first 18 months, 105% from 18 months to three years, and 100% thereafter.

Proceeds are earmarked for general corporate purposes, notably the purchase of additional ETH, expansion of staking and validator infrastructure via the Made‑in‑America Validator Network (MAVAN), working capital, strategic investments in the Ethereum ecosystem, and repurchases of common stock. Bitmine currently holds roughly 4.5‑5% of all circulating Ether (about 4.7‑5.3 million ETH, valued at $8‑10 billion) and seeks to deepen its treasury position despite recent ETH price declines and unrealized losses exceeding $8 billion. The offering mirrors financing structures used by firms such as Strategy and MicroStrategy, and the preferred shares are expected to list on the NYSE under the ticker “BMNP” pending regulator approval.