BitMine Immersion Technologies · Ethereum · Crypto Briefing
Bitmine Immersion Technologies readies $300 million preferred stock offering to buy more Ethereum
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The Tom Lee co-founded firm wants to issue 3 million shares of perpetual preferred stock at $100 each, with a 9.50% annual dividend, as it chases 5% of total ETH supply.
Key facts
- The NYSE-listed firm (ticker: BMNR) announced plans to issue 3 million shares of 9.50% Series A Perpetual Preferred Stock, priced at a stated value of $100 each
- A 9.50% yield on $300M in preferred stock translates to roughly $28.5M per year in dividend obligations
- The Tom Lee co-founded firm wants to issue 3 million shares of perpetual preferred stock at $100 each, with a 9.50% annual dividend, as it chases 5% of total ETH supply
- As of early June 2026, Bitmine holds roughly 5.42 million ETH
Summary
Bitmine Immersion Technologies is reaching for more Ethereum, and it’s willing to pay nearly double-digit yields to get it. The NYSE-listed firm (ticker: BMNR) announced plans to issue 3 million shares of 9.50% Series A Perpetual Preferred Stock, priced at a stated value of $100 each. The primary use of proceeds: buying more ETH, expanding staking infrastructure, and potentially repurchasing common stock. As of early June 2026, Bitmine holds roughly 5.42 million ETH.