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

In a significant development, Bitmine Immersion Technologies, Inc. (NYSE: BMNR), based in Norwalk, Connecticut, has disclosed the pricing details of its expanded offering of Series A Preferred Stock. This announcement, made on June 6, 2026, indicates a move that could influence both market dynamics and investor confidence.

Pricing and Offering Details

The company has set a public offering price of $80.00 per share for 3,500,000 shares of its 9.50% series A preferred stock, marking an increase from the previously announced 3,000,000 shares. The offering is registered under the Securities Act of 1933, ensuring regulatory compliance. The anticipated closing date for this stock issuance is set for June 10, 2026, pending standard closing conditions.

Bitmine projects that after deducting underwriting discounts, commissions, and estimated offering costs, the net proceeds from this offering will total approximately $273.8 million. These funds are targeted for general corporate purposes, including:

• - Acquiring more Ethereum (ETH) and other digital assets.
• - Expanding the company's staking and validator infrastructure, including through its initiative MAVAN (Made-in-America Validator Network).
• - Providing working capital and making strategic investments that align with the Ethereum ecosystem and the broader acceptance of digital assets.
• - Executing a stock buyback program to enhance shareholder value.

Dividend Structure and Returns

The Series A Preferred Stock will offer cumulative dividends at a fixed rate of 9.50% annually based on its stated value of $100 per share. Dividends will be payable in cash and will be declared at the discretion of the company's board, with the option to pay regular dividends more frequently than the set weekly schedule.

Importantly, if regular dividends are not paid on scheduled payment dates, they will accumulate and bear additional dividends at a compounded rate, creating a potential for increased returns for shareholders. The company retains the flexibility to adjust the frequency of dividend payments, up to a maximum annual increase of 260 basis points.

Additional Rights and Redemption Options

Bitmine's Series A Preferred Stock comes with specific redemption rights. The company can repurchase these shares at varying prices depending on how long they have been outstanding:

• - Within 18 months of issuance at 110% of the stated value.
• - From 18 months to three years at 105%.
• - After three years at 100%.

Furthermore, if the total number of shares in circulation falls below 25% of what was originally issued, or under particular tax event circumstances, Bitmine retains the right to repurchase all shares.

Market Listing and Future Outlook

Bitmine has applied for the Series A Preferred Stock to be listed on the New York Stock Exchange under the ticker symbol BMNP. Should the listing be approved, trading is expected to commence within 30 days post-offering.

With Moelis & Company and Cantor Fitzgerald acting as co-lead underwriters, this offering is expected to strengthen Bitmine's position in the digital asset market, tapping into the growing interest surrounding cryptocurrencies, particularly Ethereum.

Conclusion

The announcement of this expanded offering not only provides necessary capital for Bitmine's operations but also sets the stage for future investments within the booming sector of digital assets. By strategically positioning itself within the Ethereum landscape, Bitmine aims to leverage its infrastructure and capital towards long-term growth and profitability. As developments unfold, investors will be watching closely to see how these initiatives translate into value and operational success.