Bitmine Immersion Technologies is planning a new preferred stock deal to raise cash for its growing Ethereum strategy. The Bitcoin and Ethereum network company said it aims to offer 3 million shares of 9.50% Series A Perpetual Preferred Stock.
Details of Bitmine’s Preferred Stock Deal
In its release, Bitmine announced that the Series A Perpetual Preferred Stock will pay a 9.50% annual dividend. The company said it will offer the shares at $ 100 each, aiming to raise roughly $300 million before fees and expenses.
The filing says the preferred stock is “perpetual,” meaning it has no fixed maturity date and ranks above common stock in the capital structure. Bitmine also said its board will decide when and whether to pay dividends on the Series A shares, in line with typical preferred offerings.
Bitmine said that it plans to use net proceeds from the offering for several digital asset goals tied to Ethereum and the broader crypto market. The company said it may use the funds to acquire additional ETH and other digital assets, adding to a treasury that already holds more than 5.2 million ETH, or over 4.3% of the supply.
The firm also said it may use capital to “expand staking and validator infrastructure, including MAVAN,” its staking solution that supports protocol‑level yield on Ethereum. In earlier updates, Bitmine described MAVAN as part of its plan to become “the leading Ethereum Treasury company in the world,” with a focus on long-term ETH accumulation and staking revenue.
Strategic Investments and Stock Buybacks
Bitmine explained that some proceeds could go toward “strategic investments related to the Ethereum ecosystem and broader digital asset adoption,” including equity stakes and venture‑style bets it calls “moonshots.” The company already holds positions in firms such as Beast Industries and Eightco Holdings and says these investments sit alongside its crypto and cash reserves.
Additionally, Bitmine said it may use a portion of the money for working capital and to repurchase common stock. Chairman Tom Lee has repeatedly told shareholders that the firm’s goal is to increase “ETH per share” for investors, pairing aggressive ETH buying with selective capital market moves.
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