BitMine Immersion Prices $273.8M Series A Preferred at 9.50% Dividend
MC•BitMine Immersion Technologies sold 3.5 million Series A Preferred shares at $80 to raise $273.8 million, carrying 9.50% dividend and floating liquidation preference floor at $100. The firm’s $8.6 billion in Ethereum holdings has plunged over 67% from its peak, leaving about $10 billion underwater and contributing to a 41% stock decline this year.
1. Preferred Stock Offering Details
BitMine Immersion Technologies launched a public sale of 3.5 million Series A perpetual preferred shares at $80 each, aiming to raise $273.8 million. The transaction is scheduled to close on June 10, subject to customary conditions, and will list the new securities on the NYSE under symbol BMNP.
2. Dividend Terms and Liquidation Preference
The Series A preferred stock carries a 9.50% annual dividend obligation, payable regardless of Ethereum price movements. The liquidation preference floats upward with market prices but has a floor of $100 per share to protect investors’ principal.
3. Use of Proceeds and Strategic Plans
Proceeds may be deployed to purchase additional Ethereum, expand staking infrastructure through the MAVAN validator network, and execute common share buybacks. These initiatives aim to bolster institutional treasury operations and optimize capital allocation.
4. Ethereum Holdings and Financial Impact
BitMine holds over $8.6 billion in Ethereum, which has fallen more than 67% from its August peak, resulting in approximately $10 billion of unrealized losses. This decline has driven a 41% drop in the company’s share price year-to-date, reflecting heightened financial pressure from fixed dividend obligations.
