Simply put
- BitMine raised approximately $274 million by selling 3.5 million shares of preferred stock at $80 per share before fees.
- Proceeds will fund Ethereum acquisitions, staking infrastructure, and possible share buybacks.
- The preferred stock will pay an annual dividend of 9.5% and will be listed on the New York Stock Exchange under the ticker BMNP.
BitMine Immersion Technologies, a major Ethereum The treasury firm on Friday priced a preferred stock offering higher than expected, betting on Ethereum’s growing role in institutional finance and expecting to raise an estimated $273.8 million.
The company, which trades under the ticker BMNR, sold 3.5 million shares of its newly created Series A perpetual preferred stock at $80 per share, more than the 3 million shares it had originally planned. The transaction is expected to close on June 10, subject to customary conditions. Moelis & Company and Cantor acted as joint book-running managers.
The annual dividend rate for preferred stock will be 9.50%. In particular, the liquidation preference amount (the amount investors receive upon closing) is designed to increase based on recent market prices, but cannot fall below $100 per share. The company has applied to list new securities on the NYSE under the symbol BMNP.
Proceeds from the offering may be used to acquire additional Ethereum or other digital assets, fund staking infrastructure through the newly launched MAVAN validator network, or repurchase common stock.
This product involves risks inherent in cryptocurrency-related investments. Bitmine’s preferred dividend obligation is fixed regardless of how Ethereum’s price moves, so a prolonged downturn in the digital asset market could strain the company’s finances, even as it tries to attract institutional investors to its new financial model.
BitMine pivoted from Bitcoin mining to Ethereum treasury accumulation last summer, amassing billions of dollars. $ETH And the appointment of prominent investor Tom Lee as chairman accelerated the rise in both the coin and its stock. (Disclosure: Mr. Lee is an investor in Dastan, the parent company of editorially independent companies. decryption. )
The company currently holds $8.6 billion worth of Ethereum, making it the world’s largest player. $ETH– Focused Treasury. However, data shows that Ethereum has plummeted from its all-time high of around $5,000 last August to its recent price of $1,591 (down more than 67%), wiping out more than $10 billion in assets. drop tab.
BitMine stock has similarly fallen significantly, recently trading at $16, down over 10.5% on the day and 41% so far in 2026.
The launch of BitMine’s preferred stock is a nod to Strategy’s success with its preferred stock issue, STRC, which has facilitated billions of dollars worth of Bitcoin purchases so far this year.
Strategy, the largest Bitcoin treasury company with over $51 billion in BTC, has weathered its own recent decline, with its holdings showing a paper loss of about $12 billion, and its stock price down 36% in the last month alone, to a recent price of $118.
