BitMine prices $274M preferred at 9.5% to buy Ethereum

BitMine Immersion Technologies priced 3.5 million Series A perpetual preferred shares at $80 each on Friday, raising roughly $274 million. The offering expanded from an initial 3 million-share plan and is expected to close June 10, subject to customary conditions.

Moelis & Company and Cantor served as joint lead bookrunners. BitMine said it expects to net about $273.8 million from the sale after fees. The company has applied to list the new securities on the New York Stock Exchange under the ticker BMNP; its common shares trade under BMNR.

The preferred shares carry a 9.50% fixed annual dividend and include a liquidation preference that can rise with recent market prices but will not fall below $100 per share. BitMine said proceeds may be used to acquire additional Ethereum and other digital assets, to fund staking capacity through its MAVAN validator network, or to repurchase common stock.

BitMine shifted last summer from Bitcoin mining to building an Ethereum treasury. The company added billions of dollars in ETH to its balance sheet and now holds more than $8.6 billion worth of Ethereum, making it the largest dedicated ETH treasury firm.

Ethereum fell from a peak near $5,000 in August 2024 to about $1,591 recently, a drop of more than 67%. By one estimate, that decline put BitMine’s ETH holdings more than $10 billion underwater. The preferred dividend is fixed and payable regardless of Ethereum’s price movements.

BitMine’s common stock recently traded around $16, down more than 10% on the day and about 41% since the start of 2026. The broader crypto market has also weakened: Bitcoin traded near $59,909, off about 6% on the day and roughly 18.5% for the week, while Ethereum and Solana posted weekly declines of about 23% and 22%, respectively.