BitMine Plans $300 Million Preferred Stock Offering With 9.50% Annual Dividend

BitMine Immersion Technologies plans to offer 3 million shares of 9.50% Series A Perpetual Preferred Stock with a stated value of $100 per share, implying a potential gross offering size of $300 million. The company has applied to list the preferred shares on the New York Stock Exchange under the ticker BMNP.

Dividends will accrue at a fixed 9.50% annual rate and are expected to be paid in cash weekly. Proceeds may be used for acquiring additional ETH and digital assets, expanding staking and validator infrastructure, working capital, and strategic investments within the Ethereum ecosystem. Moelis & Company and Cantor are acting as joint lead bookrunners.