Bitmine is unfazed by the market plunge and continues to add more Ethereum! Expanding issuance of $270 million in preferred stock: going all-in on ETH and staking infrastructure

The largest Ethereum reserve company in the United States, Bitmine Immersion Technologies, in its latest announcement states that the company has successfully priced and expanded the issuance of 3.5 million shares of Series A perpetual preferred stock, expecting to raise a net of $273 million. This large sum of funds will be heavily invested in acquiring Ethereum (ETH) and expanding staking validator infrastructure.
(Background recap: Ethereum drops below $1,600! In DeFi protocols, up to 343,000 ETH are on the verge of liquidation, with $1,565 as the first line of defense)
(Background addition: F2Pool founder Wang Chun is buying Ethereum on the dip! Making a transfer of nearly 10,000 ETH from Binance to Spark to earn yield)

Despite the crypto market getting brutally wiped out, on June 5, 2026, leading Ethereum reserve company Bitmine Immersion Technologies (NYSE: BMNR) issued an official announcement, stating that the company is accelerating its ambitious plan to transform into a global leader “Ethereum Treasury.”

To raise sufficient funds, Bitmine announced that it has priced and expanded the size of its public offering of Series A Perpetual Preferred Stock, increasing it from the initially planned 3 million shares to 3.5 million shares. The offering price of the preferred shares is $80 per share; after deducting related expenses, settlement is expected on June 10 and will bring about $273 million in net cash inflow.

Targeting Ethereum staking yields, with an annual distribution rate of 9.5%

This massive pool of up to $273 million will become Bitmine’s core fuel. The announcement clearly states that the funds raised will be used mainly to acquire more Ethereum and other digital assets, and to strongly expand its staking (Staking) and validator infrastructure. The remaining funds will be used as working capital, for strategic investments in the Ethereum ecosystem, and for executing common stock buybacks.

To attract Wall Street’s attention, this batch of Series A perpetual preferred shares comes with quite favorable terms. The preferred shares carry a fixed annual interest rate of up to 9.50%, calculated based on a stated value of $100 per share, and adopt a weekly distribution model. If the company experiences delays in paying, a compounding mechanism will also be triggered, with the maximum annualized rate able to be raised to 15%, providing strong income protection for traditional investors.

Retaining redemption flexibility; has applied to list on the NYSE

While offering investors high yields, Bitmine also retains flexibility for its capital operations. According to the issuance terms, the company has an active redemption right: it may redeem at 110% of the price during the first 18 months after the issue date; from 18 months to within three years, it will fall to 105%; after three years, it may be redeemed at 100% of the original price. In addition, when the market undergoes fundamental changes, holders also have the right to require the company to repurchase the shares at a price that includes unpaid dividends.

Regarding liquidation preference, the initial setting is $100 per share, but it will be dynamically adjusted based on the market trading price, taking the highest value to protect holders’ interests. Currently, Bitmine has officially applied to have the preferred shares listed on the New York Stock Exchange (NYSE); the stock ticker is planned to be BMNP. If approved, trading is expected to begin within 30 days after the initial issuance.