Wu said that Bitmine Immersion Technologies announced the issuance of 3 million shares of Series A perpetual preferred stock with an annual dividend rate of 9.50%, each with a par value and initial liquidation preference of $100, dividends accrue at an annual rate of 9.50%, and are planned to be paid weekly in cash for declared dividends. Bitmine stated that the net proceeds from this issuance are intended for general corporate purposes, which may include increasing holdings of ETH and other digital assets, expanding staking and validation node infrastructure (including MAVAN), supplementing working capital, engaging in strategic investments related to the Ethereum ecosystem and digital asset adoption, and repurchasing common stock.