BitMine Files for $300 Million Preferred Stock Offering to Fund ETH Accumulation

BitMine Immersion Technologies has filed a preliminary prospectus with the SEC for an offering of up to 3 million shares of 9.5% Series A Preferred Stock at a stated amount of $100 per share, targeting gross proceeds of up to $300 million. The company intends to use the net proceeds primarily to acquire additional ETH and expand its staking and validator infrastructure through its MAVAN platform.

The preferred stock is non-convertible and carries a cumulative 9.5% annual dividend, paid weekly in arrears. If dividends go unpaid, compounding penalties accrue at the regular rate plus 5 basis points per week, rising by 5 basis points weekly to a maximum of 15% per annum. BitMine has applied to list the preferred shares on the NYSE under the ticker "BMNP," though the listing has not yet been approved. Joint lead bookrunners are Moelis & Company and Cantor.

The company expects to fund dividends primarily through ETH staking yield. As of May 25, BitMine's MAVAN platform had 4,718,677 ETH staked, generating annualized revenue of $296 million at a 7-day yield of 2.73%. At the 9.5% dividend rate on $300 million of preferred, annual obligations would be approximately $28.5 million – well within current staking income, though that coverage depends on ETH price stability.

The full treasury as of May 26 comprised 5,416,901 ETH valued at $2,003 per token, 203 Bitcoin, a $200 million stake in Beast Industries, a $97 million stake in Eightco Holdings (Nasdaq: ORBS), and $446 million in cash, for a combined total of approximately $12.3 billion. BitMine is the largest corporate Ethereum holder. ETH was trading at $1,806 as of June 4, putting the staked position at approximately $8.5 billion at current prices. Against total invested capital of $18.83 billion, the treasury carries an unrealised loss of roughly $9.1 billion since inception.

The offering structure carries issuer redemption rights: shares may be redeemed at 110% of stated value in the first 18 months, 105% between 18 months and three years, and at par thereafter. Holders have a put right in the event of a fundamental change, allowing repurchase at stated value plus accrued dividends.

The structure mirrors preferred equity instruments used by Strategy, the largest corporate Bitcoin holder, which has raised capital through similar high-yield preferred series to fund continued BTC accumulation. The filing also discloses material weaknesses in BitMine's internal controls over financial reporting as of February 28, 2026.

BMNR shares closed at $16.90 on June 4, within a 52-week range of $3.92 to $161.00.