Bitmine Immersion Technologies Announces Pricing of Upsized Series A Perpetual Preferred Stock Offering
Key Points for Investors
- Upsized Offering: Bitmine Immersion Technologies, Inc. (NYSE: BMNR) has increased its previously announced Series A Perpetual Preferred Stock offering from 3,000,000 to 3,500,000 shares.
- Pricing: The shares are priced at \$80.00 each, with a stated amount of \$100.00 per share and a fixed cumulative dividend rate of 9.50% per annum.
- Gross Proceeds & Net Proceeds: The company expects to receive approximately \$273.8 million in net proceeds after underwriting discounts, commissions, and offering expenses.
- Use of Proceeds: Net proceeds will be used for general corporate purposes, including acquiring additional ETH and other digital assets, expanding staking and validator infrastructure (including through MAVAN), working capital, strategic investments aligned with the Ethereum ecosystem, and/or repurchases of the company’s common stock.
- Dividend Structure: Dividends are cumulative and payable weekly in arrears, but the company may opt for more frequent payments in the future. Unpaid dividends compound weekly at an increasing rate (up to a 15% maximum per annum) until paid in full.
- Redemption Terms: The Series A Preferred Stock is redeemable by the company at varying premiums depending on the time elapsed since issuance (110% within 18 months, 105% from 18 months to 3 years, and 100% after 3 years), plus accumulated unpaid dividends. The company also has clean-up call and tax event redemption rights.
- Fundamental Change Protections: In the event of a “fundamental change,” holders can require the company to repurchase their shares at the stated amount plus unpaid dividends.
- Liquidation Preference: The initial liquidation preference per share is \$100. This may be adjusted upwards under certain trading conditions but will not be set below \$100 per share.
- Listing: Bitmine has applied to list the Series A Preferred Stock on the NYSE under the ticker “BMNP,” with trading expected within 30 days of issuance, pending approval.
- Bookrunners: Moelis & Company and Cantor Fitzgerald are acting as joint lead bookrunners for the offering.
- Business Strategy: Bitmine is positioning itself as a leading Ethereum treasury company, with a strong focus on ETH as its primary treasury reserve asset and the expansion of its MAVAN validator network launched in 2026.
Details Important to Shareholders and Potential Share Price Impact
- Significant Capital Raising: The successful upsizing and completion of this offering will provide Bitmine with substantial additional capital, which enhances its ability to expand operations in the Ethereum ecosystem and pursue new investment opportunities in digital assets. This capital raise and the strategic focus on ETH staking could positively impact the company’s growth trajectory and valuation.
- Attractive Dividend Terms: The 9.50% fixed dividend rate, compounding mechanism, and potential for higher returns if dividends go unpaid, make the preferred shares an attractive investment, which could drive increased investor interest and affect share prices positively.
- Redemption Flexibility: The company’s rights to redeem the shares at premiums in the first three years, and under certain conditions (such as a drop below 25% of originally issued shares or tax events), could impact the preferred stock’s trading dynamics and investor sentiment.
- Stock Repurchase Program: The intended use of proceeds for share repurchases may create additional demand for the company’s common stock, potentially supporting or boosting its market price.
- Strategic Shift Toward Ethereum: The company’s explicit strategic pivot to being an Ethereum Treasury company, and its commitment to ETH as its main reserve asset, differentiates it from traditional Bitcoin miners and could attract new types of institutional investors.
- Listing on NYSE: If approved, the listing of the Series A Preferred Stock on the NYSE under “BMNP” could improve liquidity and visibility, potentially benefiting both preferred and common shareholders.
- Risk Factors: Investors should be aware of risks associated with digital asset volatility, regulatory changes, and the company’s ability to execute its strategy. The company has specifically highlighted these risks in its filings.
Additional Details from the Offering
- The offering is being conducted pursuant to an effective shelf registration statement on Form S-3, filed with the Securities and Exchange Commission.
- Electronic and physical copies of the offering documents are available via the SEC and through the underwriters.
- This press release does not constitute an offer to sell, nor the solicitation of an offer to buy, any securities in any jurisdiction where such actions would be unlawful prior to registration or qualification.
- Forward-looking statements in the press release are subject to risks and uncertainties, including but not limited to market conditions, regulatory environment, digital asset price volatility, and the company’s operational execution.
- Media contact for further information: Marcy Simon, [email protected], +19178333392.
About Bitmine Immersion Technologies
Bitmine Immersion Technologies, Inc. (NYSE: BMNR) is a US-based Bitcoin miner that is pivoting to become the world’s leading Ethereum Treasury company. The company is deploying excess capital into an innovative digital asset strategy, with a focus on institutional investors and public market participants. Its philosophy, “the alchemy of 5%,” underscores its commitment to using ETH as its primary treasury reserve asset, leveraging native protocol-level activities such as staking and decentralized finance. In 2026, Bitmine launched MAVAN (Made-in-America Validator Network), a dedicated staking infrastructure for its treasury assets.
Disclaimer
This article is for informational purposes only and does not constitute investment advice, an offer, or a solicitation to buy or sell any securities. All investments involve risks, including the possible loss of principal. Readers should review all relevant filings and consult with their financial advisors before making investment decisions. The information contained herein is based on the company’s press release and public filings as of the date reported and may be subject to change without notice.
