#BitminePlans300MPreferredStockOffering BitMine Immersion Technologies Announces $300 Million Preferred Stock Offering

Proceeds to fund Ethereum accumulation and staking infrastructure — 9.5% fixed cumulative dividend
LAS VEGAS – BitMine Immersion Technologies, Inc. (NYSE American: BMNR) has filed a prospectus with the U.S. Securities and Exchange Commission (SEC) for a proposed offering of 3 million shares of Series A perpetual preferred stock. The offering is expected to raise approximately **$300 million**, with each share priced at $100.
The preferred shares will carry a fixed annual dividend rate of 9.5% , paid weekly in cash, subject to board declaration. The company intends to list the new shares on the New York Stock Exchange under the ticker symbol BMNP. The offering is being jointly managed by Moelis & Company and Cantor Fitzgerald.
1. Company Background – From Bitcoin Mining to Ethereum Treasury
BitMine originally operated as a Bitcoin mining and hosting company, with facilities in Texas and Trinidad and Tobago. The company used immersion cooling technology to improve energy efficiency.
In mid-2025, BitMine announced a major strategic shift — moving away from Bitcoin mining expansion toward becoming a digital asset treasury management company, with Ethereum (ETH) as its core holding.
As of January 2026, the company reported the following holdings:
~4,143,502 ETH
192 BTC
~$915 million in cash
~$25 million in other investments
The total value of digital assets and cash combined is approximately $14.2 billion. BitMine has set a long-term target of holding 5% of the total Ethereum supply.
2. Key Terms of the Preferred Stock Offering
Feature Detail
Security Type Series A Perpetual Preferred Stock
Number of Shares 3,000,000
Price per Share $100
Total Proceeds $300 million
Dividend Rate 9.5% per annum (fixed)
Payment Frequency Weekly (cash)
Cumulative Yes – unpaid dividends accumulate
Listing Exchange NYSE (expected ticker: BMNP)
Lead Underwriters Moelis & Company, Cantor Fitzgerald
Note: Dividends are cumulative. If the company does not pay a weekly dividend, it remains payable in the future before any common stock dividends can be declared.
3. Use of Proceeds – Where Will the $300 Million Go?
According to the SEC filing, BitMine plans to use the net proceeds from the offering for:
1. Acquiring additional Ethereum (ETH) – The company will increase its ETH holdings in line with its 5% supply target.
2. Expanding staking infrastructure – To generate yield from its ETH holdings through validator nodes and staking pools.
3. General corporate purposes – Including working capital and potential future acquisitions.
The company has stated that it does not intend to use the funds for Bitcoin mining expansion or debt repayment at this time.
4. Risks and Considerations for Investors
While the 9.5% dividend yield is attractive, investors should consider the following risks:
· Cryptocurrency volatility – A sharp drop in ETH price could impair the company’s asset value and ability to pay dividends.
· Cumulative dividend obligation – If earnings are insufficient, unpaid dividends accumulate, which may pressure future cash flows.
· No maturity date – As perpetual preferred stock, there is no obligation to redeem shares. Redemption may occur at the company’s option after a specified date.
· Regulatory uncertainty – Changes in U.S. crypto or securities regulations could affect BitMine’s treasury model.
5. How This Offering Compares
Feature BitMine Preferred (BMNP) Typical Corporate Preferred
Dividend Rate 9.5% fixed 5–7%
Payment Frequency Weekly Quarterly
Cumulative Yes Often non-cumulative
Underlying Asset Backing ETH + cash Operating cash flow
The weekly payment structure is unusual and may appeal to income-focused investors seeking frequent cash flow
6. Summary – Key Takeaways
· What: $300 million perpetual preferred stock offering
· Dividend: 9.5% per year, paid weekly, cumulative
· Use: Buy more ETH and expand staking
· Listing: NYSE under BMNP (expected)
· Risk: High exposure to Ethereum price volatility
Disclaimer: This article is for informational purposes only and does not constitute investment advice. Always conduct your own research or consult a financial advisor before investing in preferred stocks or cryptocurrency-related securities.