BitMine Upsizes Preferred Offering to $273.8M with 9.5% Dividend
BMNR•BitMine Immersion priced 3.5 million Series A Perpetual Preferred shares at $80 each, upsizing its offering to raise about $273.8 million with a 9.5% annual dividend and a liquidation preference floored at $100. Proceeds will back additional Ethereum purchases, MAVAN validator staking infrastructure and potential common share buybacks.
1. Preferred Share Offering Details
BitMine Immersion Technologies priced 3.5 million Series A Perpetual Preferred shares at $80 each, raising approximately $273.8 million. The securities carry a fixed 9.5% annual dividend and feature a liquidation preference that cannot fall below $100 per share. The deal is set to close June 10 with Moelis & Company and Cantor as joint bookrunners.
2. Use of Proceeds and Strategic Shift
Net proceeds will fund additional Ethereum acquisitions, support the MAVAN validator network staking infrastructure, and enable potential common share buybacks. This preferred offering follows BitMine’s pivot from Bitcoin mining to an Ethereum treasury model last summer under the leadership of new chairman Tom Lee.
3. Market Context and Risks
BitMine holds over $8.6 billion in Ethereum but remains more than $10 billion underwater following ETH’s 67% price drop since last August. Fixed dividend obligations could pressure finances if digital assets decline further, contributing to a 41% share price decline year-to-date.
