BitMine Immersion Technologies priced a preferred stock offering Friday, selling 3.5 million shares of newly created Series A Perpetual Preferred Stock at $80 per share to raise an estimated $273.8 million. The offering, larger than the initially planned 3 million shares, reflects the company's bet on Ethereum's growing role in institutional finance. The deal is set to close June 10, pending customary conditions, with Moelis & Company and Cantor serving as joint lead bookrunners. BitMine, which trades under ticker BMNR, is the leading Ethereum treasury firm and pivoted from Bitcoin mining to Ethereum accumulation last summer under the leadership of chairman Tom Lee.
BitMine Sells 3.5 Million Preferred Shares at $80 Each
BitMine sold 3.5 million shares of Series A Perpetual Preferred Stock at $80 per share, exceeding the initially planned 3 million shares. The transaction is expected to generate approximately $273.8 million before fees. Moelis & Company and Cantor served as joint lead bookrunners for the offering. The deal is scheduled to close June 10, subject to customary closing conditions.
Preferred Shares Carry 9.5% Annual Dividend and NYSE Listing
The preferred shares carry a 9.50% annual dividend rate. The liquidation preference—the amount investors would receive in a wind-down scenario—is designed to float upward based on recent market prices, though it cannot fall below $100 per share. BitMine has applied to list the new securities on the New York Stock Exchange under the ticker symbol BMNP.
Proceeds Designated for Ethereum Acquisitions and Staking Infrastructure
Proceeds from the offering may be used to acquire additional Ethereum and other digital assets, fund staking infrastructure through the company's newly launched MAVAN validator network, or buy back common shares. The offering carries risks typical of crypto-adjacent investments, as BitMine's preferred dividend obligations remain fixed regardless of Ethereum price movements. A prolonged downturn in digital asset markets could pressure the company's finances even as it seeks to attract institutional investors to its treasury model.
BitMine Holds $8.6 Billion in Ethereum Amid Market Downturn
BitMine pivoted from Bitcoin mining to Ethereum treasury accumulation last summer, amassing billions of dollars in ETH with the addition of prominent investor Tom Lee as chairman. The firm now holds over $8.6 billion worth of Ethereum, making it the largest player among ETH-focused treasuries. Ethereum's decline from an all-time high near $5,000 in August to a recent price of $1,591—a more than 67% drop—has put the firm's holdings more than $10 billion underwater, according to data from DropsTab.
Stock Price Falls 41% Since Start of 2026
BitMine's stock price has fallen substantially, recently trading at $16—a more than 10.5% drop on the day and a 41% decline since the start of 2026. The launch of BitMine's preferred shares follows Strategy's success with STRC, its own preferred share offering that has fueled billions of dollars' worth of Bitcoin purchases. Strategy, the largest Bitcoin treasury firm with over $51 billion in BTC, has weathered its own declines, with holdings showing a paper loss of about $12 billion and its stock price falling 36% in the last month to a recent price of $118.
FAQ
What did BitMine announce on Friday regarding its preferred stock offering?
BitMine Immersion Technologies announced Friday that it priced a preferred stock offering, selling 3.5 million shares of Series A Perpetual Preferred Stock at $80 per share to raise an estimated $273.8 million. The offering exceeded the initially planned 3 million shares and is set to close June 10.
How much Ethereum does BitMine currently hold?
BitMine holds over $8.6 billion worth of Ethereum, making it the largest player among Ethereum-focused treasury firms. The company pivoted from Bitcoin mining to Ethereum accumulation last summer under chairman Tom Lee.
What is the dividend rate on BitMine's preferred shares?
The preferred shares carry a 9.50% annual dividend rate. The shares have applied for listing on the New York Stock Exchange under the ticker symbol BMNP, with a liquidation preference that floats upward based on recent market prices but cannot fall below $100 per share.
