BitMine Raises $274M via Preferred Stock to Buy Ethereum, Build Staking
BitMine Immersion Technologies, a leading Ethereum treasury firm, raised approximately $273.8 million by selling 3.5 million shares of Series A Perpetual Preferred Stock at $80 per share. The offering, larger than initially planned, is set to close on June 10. Moelis & Company and Cantor served as joint lead bookrunners. The preferred shares carry a 9.50% annual dividend and a floating liquidation preference that cannot fall below $100 per share. BitMine has applied to list the shares on the NYSE under the ticker BMNP. Proceeds will be used to acquire more Ethereum and other digital assets, fund staking infrastructure via its MAVAN validator network, or buy back common shares. However, the offering carries risks: BitMine's fixed dividend obligations could strain finances if Ethereum prices fall further. The firm holds over $8.6 billion in ETH, but with Ethereum down 67% from its all-time high, its holdings are over $10 billion underwater. BitMine's stock has fallen 41% since the start of 2026. The move mirrors Strategy's successful preferred share offering (STRC), which has fueled billions in Bitcoin purchases. Strategy, the largest Bitcoin treasury firm, holds over $51 billion in BTC and has seen a 36% stock drop in the past month. Prominent investor Tom Lee serves as BitMine's chairman.
Key facts
- BitMine raised ~$274M selling 3.5M preferred shares at $80 each.
- Funds to buy Ethereum, build staking infrastructure, or buy back stock.
- Preferred shares pay 9.5% annual dividend, list on NYSE as BMNP.
- BitMine holds $8.6B in ETH, but holdings >$10B underwater.
- Stock down 41% in 2026; mirrors Strategy's preferred share success.