3 million shares, $100 per share, and an all-in $300 million fully committed to the Ethereum ecosystem—from immersion cooling to MAVAN nodes to strategic investments. This is no longer a mining hardware company; it’s an ETH treasury protocol wrapped in a hardware shell.

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