Bitmine Immersion Proposes 3M-Share Offering of 9.50% Perpetual Preferred Stock
BMNR•Bitmine Immersion plans a public offering of 3,000,000 shares of 9.50% Series A perpetual preferred stock at $100 stated value, accruing cumulative dividends at 9.50% per annum with weekly compounding up to 15%. Net proceeds will fund ETH acquisitions, staking infrastructure expansion, strategic Ethereum ecosystem investments and common stock repurchases.
1. Proposed Series A Preferred Stock Offering
Bitmine Immersion has filed to offer 3,000,000 shares of its 9.50% Series A perpetual preferred stock through a registered public offering. Each share carries a $100 stated amount, with cumulative dividends at a fixed 9.50% annual rate payable weekly in arrears if declared by the board.
2. Use of Proceeds
The company intends to deploy net proceeds for strategic growth initiatives, including acquiring additional ETH and other digital assets, expanding staking and validator infrastructure via MAVAN, making strategic investments within the Ethereum ecosystem, and potentially repurchasing common stock under its existing buyback program.
3. Dividend and Compounding Provisions
Regular dividends on the Series A Preferred Stock accrue weekly at 9.50% per annum, with compounded dividends applying to any unpaid amounts at an initial rate of 9.55%, increasing by 5 basis points per period up to a 15% maximum. Dividends are payable in cash when declared out of legally available funds.
4. Redemption and Repurchase Rights
Bitmine may redeem the preferred shares at escalating premiums: 110% of stated value in the first 18 months, 105% between 18 months and three years, and 100% thereafter, plus accrued dividends. Holders may force repurchase on a fundamental change at stated value plus unpaid dividends, and the company may effect a clean-up call or tax-event redemption under specified conditions.
