#BitminePlans300MPreferredStockOffering Date: June 7, 2026

Headline: Bitmine Immersion Technologies Announces Upsized $300 Million Preferred Stock Offering, Reinforcing Ethereum-Focused Treasury Strategy
New York, NY – Bitmine Immersion Technologies, Inc. (NYSE: BMNR), a leading cryptocurrency infrastructure company, today announced the pricing of its upsized public offering of 3,500,000 shares of 9.50% Series A Perpetual Preferred Stock. Priced at $80.00 per share, the offering is expected to generate net proceeds of approximately $273.8 million after deducting underwriting discounts and commissions. The company intends to use the net proceeds primarily for general corporate purposes, which may include the acquisition of additional Ethereum (ETH) and other digital assets, the expansion of its staking and validator infrastructure through its proprietary MAVAN platform, working capital, and strategic investments aligned with the Ethereum ecosystem.

This strategic capital raise follows the company's filing of a preliminary prospectus with the U.S. Securities and Exchange Commission (SEC) on Wednesday. The Series A Perpetual Preferred Stock features a 9.50% cumulative annual dividend on a stated amount of $100 per share, payable weekly in cash at the board's discretion. Notably, missed dividends will compound at an additional 5 basis points per week, up to a maximum annual rate of 15%, until fully paid, and the company has the right to redeem the shares at 110% within the first 18 months, declining to par after three years.
The offering is being managed by joint lead bookrunners Moelis & Company and Cantor Fitzgerald. The preferred shares are expected to be listed on the New York Stock Exchange under the ticker symbol "BMNP," with trading anticipated to commence within 30 days after issuance.

Bitmine Chairman Thomas Lee described the move as a "high-conviction" play that leverages Ethereum's staking yield to support its financing strategy. As of late May 2026, the company reported holding approximately 5.4 million ETH—representing about 4.5% of the total supply—and has staked roughly 87% of those holdings through its MAVAN validator network. The company projects annualized staking revenue of approximately $258 million. While the $28.5 million annual dividend obligation is a key cost, the staking yield is expected to offset this expense, though market observers note the gap between current staking yields and the fixed 9.5% dividend remains a central risk.

The offering has drawn both market enthusiasm and skepticism. Shares of BMNR rose approximately 5.8% following the announcement, despite a 17% weekly decline in ETH prices. However, gold advocate and longtime crypto critic Peter Schiff argued on social media that raising capital at a 9.5% yield to purchase more Ethereum is "unlikely to work" given the asset's sharp decline from its August 2025 peak of $4,946.

Nevertheless, Bitmine remains steadfast in its long-term Ethereum accumulation strategy, aiming to control 5% of global ETH supply. The proceeds from this offering will further that goal, positioning the company at the forefront of corporate digital asset treasury management.
About Bitmine Immersion Technologies
Bitmine Immersion Technologies (NYSE: BMNR) is a publicly traded cryptocurrency network company focused on Bitcoin (BTC) and Ethereum (ETH). The company's business model integrates digital asset treasury management with mining-as-a-service and staking operations, primarily through its immersion cooling technology and MAVAN validator platform. Bitmine is the largest corporate holder of Ethereum globally.