Key facts
- Bitmine Immersion Technologies plans to raise $300 million via preferred stock sale.
- The preferred stock will offer a 9.5% annual dividend, payable in cash.
- Proceeds will be used for Ether accumulation and Ethereum strategy support.
- The company plans to seek a New York Stock Exchange listing for the preferred shares.
- This financing model mirrors that used by Bitcoin-focused companies.
Bitmine Immersion Technologies has filed with the SEC to launch a Series A Perpetual Preferred Stock offering, aiming to raise approximately $300 million in gross proceeds by selling 3 million shares at $100 each. The offering carries a cumulative 9.5% annual dividend, payable in cash weekly when declared by the board. Should the company miss a dividend payment, the rate compounds by 0.05% per missed week, capped at 15% annually. The preferred stock is expected to list on the New York Stock Exchange under the ticker BMNP. Proceeds are broadly stated to "may include the acquisition of additional ETH and other digital assets; the expansion of the Company's staking and validator infrastructure, including through MAVAN; working capital; strategic investments aligned with the Ethereum ecosystem and broader digital asset adoption; and/or repurchases of the Company's common stock." This follows a similar financing model used by Bitcoin-focused companies like MicroStrategy, with the company aiming to compound Ethereum holdings per share. Bitmine previously raised capital in September 2025 for ETH accumulation and disclosed holdings of approximately 4,143,502 ETH and 192 BTC by January 2026. The announcement comes as Ethereum experienced a significant price decline, trading near $1,650 at the time of writing.