BitMine Immersion Technologies is expanding its involvement in the public market for cryptocurrency holdings by filing for a preferred stock offering. This move aims to bolster its treasury dedicated to Ethereum, positioning the company similarly to Michael Saylor’s strategies but focusing on ETH rather than Bitcoin as its main asset.
Based in Norwalk, Connecticut, BitMine plans to issue up to 3,000,000 shares of 9.50% Series A Perpetual Preferred Stock through a public offering registered under the Securities Act. Each preferred share has a stated value of $100, suggesting a potential issuance of $300 million if the offering sells as planned. However, the final outcome depends on market conditions and other factors.
Details of BitMine’s Preferred Stock Offering
BitMine outlined that the proceeds from this offering will primarily support its Ethereum-centered strategy. The funds may be used for various purposes, including:
- Acquisition of additional Ethereum (ETH) and other digital assets
- Enhancement of its staking and validator infrastructure through the MAVAN initiative
- Working capital and other corporate expenses
- Strategic investments to further the Ethereum ecosystem and promote digital asset adoption
- Share repurchases under its existing program
BitMine has established a commitment to Ethereum as its primary treasury asset and incorporates various strategies such as staking and decentralized finance (DeFi) to enhance its treasury management. Notably, in 2026, it launched MAVAN, a dedicated network for enhancing its staking capabilities.
The company’s approach mirrors the financing strategy used in Saylor’s Bitcoin treasury model, which includes raising capital through various equity instruments. BitMine aims to adapt this strategy to focus on Ethereum by creating a yield-bearing security for public investors, allowing flexible use of the raised capital.
Preferred Stock Mechanics and Dividend Structure
The Series A Preferred Stock is designed as a cash-generating instrument. It will generate cumulative dividends at a fixed annual rate of 9.50% on the $100 per share amount, regardless of whether dividends are declared. Regular dividends will be paid when authorized by BitMine’s board and are set to be disbursed weekly. The following points highlight the important aspects of this dividend structure:
- Regular dividends will only be paid in cash and are to be declared by the board when legally permissible.
- If dividends are not paid on schedule, they will start accumulating additional dividends weekly, with a compounded rate that initially adds up to 9.50% plus 5 basis points per week, eventually capping at 15% annually.
BitMine also retains the ability to redeem the preferred stock. The redemption terms are structured as follows:
- 110% of the stated amount within the first 18 months after issuance
- 105% between 18 months and 3 years
- 100% after 3 years, plus any unpaid dividends
Additionally, should the total outstanding shares fall below 25% of the original issuance, or if specific tax events occur, BitMine has the right to redeem all preferred shares.
Shareholder Protections and Market Outlook
Shareholders of the preferred stock are also afforded specific protections in case of a “fundamental change” in the company’s structure. In these circumstances, investors can ask BitMine to repurchase their shares for cash at the stated amount and any accumulated dividends.
BitMine has applied for the preferred stock to be listed on the New York Stock Exchange under the ticker symbol BMNP. If approved, trading is anticipated to commence within 30 days following the initial issuance. Moelis & Company and Cantor are serving as joint lead bookrunners for the offering.
As of now, the price of Ethereum stands at approximately $1,793.
