Bitmine to Raise $300M via 9.5% Perpetual Preferred

Bitmine Immersion Technologies filed a preliminary prospectus supplement with the SEC on June 3, 2026, proposing to sell $300 million of Series A perpetual preferred stock. The offering would consist of 3,000,000 shares at $100 each and is expected to trade on the New York Stock Exchange under the ticker BMNP, subject to regulatory approval and market conditions. Moelis & Company and Cantor Fitzgerald are joint lead bookrunners. The company estimates net proceeds of about $290 million after underwriting discounts and expenses, and trading could begin within 30 days of issuance if the deal completes.

Preferred shareholders would receive fixed cumulative dividends at 9.50% per year, paid weekly in cash when declared by the board. If a declared dividend is not paid, the dividend rate would compound, starting at 9.50% plus 5 basis points and rising by 5 basis points per period up to a 15.00% annual cap. Bitmine may redeem the shares at 110% of par within the first 18 months, at 105% between 18 months and three years, and at par thereafter.

Net proceeds are designated for buying additional ether and other digital assets, expanding the company’s MAVAN validator platform, working capital, strategic investments tied to the Ethereum ecosystem, and potential repurchases under an existing $4 billion common stock buyback authorization.

The filing shows Bitmine held 5,416,901 ETH as of May 31, 2026, about 4.49% of an estimated 120.7 million circulating ether tokens. The company aims to reach roughly 5% of circulating ether, a target it calls the ‘Alchemy of 5%.’ About 4,718,677 ETH, or roughly 87% of its holdings, were actively staked. At an ETH price near $1,827, that staked position was valued at about $8.6 billion.

Bitmine also holds about 203 bitcoin, $446 million in cash, and equity stakes in Beast Industries and Eightco Holdings, bringing reported crypto, cash and strategic holdings to near $11.6 billion.

Bitmine projects annualized staking revenue of about $258 million based on a seven-day yield of 2.73%, increasing to an estimated $296 million at full MAVAN scale with partner validators. The annual dividend cost on the $300 million preferred issue would be roughly $28.5 million; the filing projects staking income would cover that amount by multiple times.

MAVAN launched in March 2026 as an institutional-grade staking platform that currently secures Bitmine’s own assets and is being extended to external institutions and custodians.

Bitmine’s common shares fell about 6% on the announcement while ether traded roughly 2% lower intraday. The offering remains proposed and subject to market conditions. Final pricing and closing details will be disclosed in supplemental SEC filings and an 8-K; investors can follow filings under CIK 0001829311. The filing also noted unrealized losses on the company’s ether holdings approaching $9 billion at current prices.