Bitmine Immersion Technologies (NYSE: BMNR) announced plans Wednesday to raise $300 million through a new 9.50% Series A Perpetual Preferred Stock offering, its latest capital markets move to expand the world’s largest corporate ethereum treasury.
Key Takeaways:
Bitmine filed to raise $300M through 9.50% perpetual preferred stock on June 3, 2026, backed by Moelis and Cantor Fitzgerald.The company holds 5,416,901 ETH worth roughly $9.89B total (using current exchange rates), with projected staking income of up to $296M annually covering the $28.5M dividend obligation.BMNR applied to list the preferred shares on NYSE under BMNP, with trading expected within 30 days of issuance pending approval.Moelis & Company and Cantor Fitzgerald are acting as joint lead bookrunners.
Weekly Cash Dividends at 9.50%
Holders would receive fixed cumulative dividends at 9.50% per annum, paid weekly in cash when declared by the board. If any dividend goes unpaid, compounding kicks in, starting at 9.50% plus 5 basis points and escalating 5 basis points per period up to a maximum rate of 15% per annum.
Bitmine can redeem the shares at 110% of the stated amount within the first 18 months, 105% from 18 months to three years, and at par after three years.
Where the Money Goes A Treasury Built on Ethereum Staking Revenue as Dividend Backstop Following the Strategy Model What to Watch
