Bitmine Immersion Technologies Announces Pricing of Expanded Series A Preferred Stock Offering

Overview

Bitmine Immersion Technologies, Inc. (NYSE: BMNR) has disclosed the pricing for its expanded Series A perpetual preferred stock offering, intended to raise substantial funds for strategic business initiatives. On June 4, 2026, the company registered 3,500,000 shares at a public offering price of $80.00 per share, reflecting an increase from the previously announced offer of 3,000,000 shares. The offering is anticipated to close on June 10, 2026, pending standard closing conditions.

Financial Projections

The estimated net proceeds from the offering are approximately $273.8 million, after accounting for underwriting discounts and expenses. These funds are designated for general corporate purposes, which may include acquiring additional Ethereum (ETH) and other digital assets, enhancing the company's staking and validation infrastructure, and strategic investments aligned with the Ethereum ecosystem. Furthermore, it’s expected that a portion of the funds may facilitate stock buybacks under the company’s existing repurchase plan.

Dividend Structure

The series A preferred stock will accrue cumulative dividends at a fixed annual rate of 9.50% on a stated amount of $100 per share. Dividends will be payable weekly, contingent upon declaration by the company's board of directors. Should a dividend not be paid on the scheduled payment date, compounded additional dividends will accumulate weekly at a specified interest rate.

The interest rate for any unpaid dividends will initially be set at 9.50% plus 5 basis points annually, with the potential to rise in the event of continued non-payment. The company may also opt to increase the frequency of ordinary dividend payments, thereby adjusting the effective annual dividend rate accordingly.

Redemption Rights

The company retains the right to redeem the series A preferred stock partially or entirely at its discretion. The redemption price will vary depending on the timeline, being 110% of the stated amount within 18 months from the issuance date, 105% between 18 months to 3 years, and 100% thereafter. The redemption framework offers added security for investors by specifying conditions under which the company is obliged to repurchase shares, especially in scenarios involving 'fundamental changes' defined by its certificate of designation.