Bitmine Immersion Technologies Announces Pricing for Increased Offering of Series A Perpetual Preferred Stock

Bitmine Immersion Technologies Announces Pricing Details

Bitmine Immersion Technologies, Inc. (NYSE: BMNR) has officially announced the pricing of its increased offering of 3,500,000 shares of 9.50% Series A perpetual preferred stock. This announcement came on June 7, 2026, under the revised Securities Act of 1933. Notably, this represents an increase from their previous offering of 3,000,000 shares.

The sale and issuance of these preferred shares are projected to be completed by June 10, 2026, contingent upon customary closing conditions. The company anticipates net proceeds of approximately $273.8 million, after deducting placement fees and offering-related expenses. The funds raised will be used for general corporate purposes, potentially including additional purchases of Ethereum, enhancing their staking and validator infrastructure, working capital, strategic investments aligning with the Ethereum ecosystem, and possibly repurchasing ordinary shares as part of the company's buyback program.

The preferred shares will accumulate cumulative dividends at a fixed annual rate of 9.50% based on a par value of $100 per share, regardless of whether these dividends have been declared or if there are available funds for distribution. Regular dividends, subject to board approval and availability of legal funds, will be paid out weekly. They may opt to increase the frequency of these payments in the future. For any regular dividend that is unpaid on the relevant payment date, additional regular dividends will accrue at a compound rate of 9.50% plus 5 basis points, subject to an overall cap of 15% per year.

The company retains the option to redeem the Series A preferred stock at any time. The redemption prices vary depending on the timeframe post-issuance, starting at 110% of the stated value within the first 18 months and decreasing to 100% post three years, inclusive of accrued unpaid dividends.

In the event that a fundamental change occurs, holders of the Series A preferred shares have the right to demand that the company repurchase their shares at the specified value on the redemption date, plus any accrued dividends.

The liquidation preference for the Series A shares is set at $100 per share initially and is adjustable to the highest of the stated value or the last reported sales price prior to a trading day, with a minimum threshold of $100. The company aims to list the Series A shares on the New York Stock Exchange under the ticker BMNP and expects trading to commence within 30 days following the initial issuance date, pending regulatory approval.

Joint lead bookrunners for this offering are Moelis & Company and Cantor Fitzgerald. The securities will be offered under an effective registration statement filed with the SEC, which is accessible online for further information.

About Bitmine Immersion Technologies

Bitmine Immersion Technologies, Inc. is recognized as a prominent player in Bitcoin mining within the United States. The firm utilizes its excess capital to establish a leading position in Ethereum treasury management by implementing innovative digital asset strategies targeting institutional investors and public capital markets. The company emphasizes its 'Alchemy of 5%' philosophy, positioning Ethereum as its primary treasury reserve asset, leveraging protocol-level activities, including staking and decentralized finance mechanisms. Furthermore, in 2026, Bitmine launched MAVAN (Made in America Validator Network), a dedicated staking infrastructure aimed at bolstering their asset management efforts.

This announcement and the associated financial implications highlight Bitmine's strategic direction in navigating and capitalizing on the evolving landscape of digital assets, particularly with increased focus on Ethereum and its ecosystem.