BitMine Immersion Technologies · Ethereum · U.S. Treasury · Bitcoin · Decrypt
Tom Lee's Ethereum Treasury BitMine Prices Preferred Shares With 9.5% Dividend
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BitMine Immersion Technologies, the leading Ethereum treasury firm, priced a larger-than-expected preferred stock offering Friday, expecting to raise an estimated $273.8 million in a bet on Ethereum's growing role in institutional finance.
Key facts
- The company, which trades under the ticker BMNR, sold 3.5 million shares of newly created Series A Perpetual Preferred Stock at $80 per share—up from the 3 million shares it had initially planned
- BitMine’s stock price has fallen substantially, as well, recently trading at $16—a more than 10.5% drop on the day, and a 41% dive since the start of 2026
- The firm now holds over $8.6 billion worth of Ethereum, making it the largest player by far among ETH-focused treasuries
- BitMine Immersion Technologies, the leading Ethereum treasury firm, priced a larger-than-expected preferred stock offering Friday, expecting to raise an estimated $273.8 million in a bet
Summary
BitMine raised ~$274 million by selling 3.5 million shares of preferred stock at $80/share, less fees. Proceeds will fund Ethereum acquisitions, staking infrastructure, and possible stock buybacks. The preferred shares pay a 9.5% annual dividend and are expected to list on the NYSE under ticker BMNP. The company, which trades under the ticker BMNR, sold 3.5 million shares of newly created Series A Perpetual Preferred Stock at $80 per share—up from the 3 million shares it had initially planned to offer.