BitMine raises $273M, buys ETH, hits 92% of accumulation goal

BitMine Immersion Technologies (BMNR) saw its common shares slip below the $18.30 support level as it launched a Series A preferred stock offering of 3.5 million shares at $80 each, targeting roughly $273.8 million in net proceeds. The preferred shares carry a fixed 9.5% annual dividend and are intended to fund the company’s shift toward an Ethereum‑centric treasury, including additional ETH purchases, staking infrastructure expansion, and potential strategic investments. BitMine also announced plans to list on the New York Stock Exchange within about 30 days.

In a separate move, BitMine bought about 127,000 ETH during a market dip, bringing its accumulation to 92% of the “Alchemy of 5%” target. The firm now holds over 5.5 million ETH (about $7.7 billion at current prices) and totals $9.6 billion in crypto, cash, and related investments. Chairman Tom Lee said the purchase reflects confidence in Ethereum fundamentals and the growing demand for blockchain infrastructure to support AI‑driven economic activity.