Bitmine Immersion Technologies Announces Pricing of Upsized Series A Perpetual Preferred Stock Offering

Rhea-AI Summary

Bitmine Immersion Technologies (NYSE: BMNR) priced an upsized offering of 3,500,000 shares of 9.50% Series A Perpetual Preferred Stock at $80 per share, for estimated net proceeds of $273.8 million.

Use of proceeds includes ETH and digital asset purchases, staking expansion, strategic investments, and potential common stock buybacks. The preferred carries a 9.50% cumulative dividend on a $100 stated amount, issuer redemption rights, and a planned NYSE listing as BMNP.

AI-generated analysis. Not financial advice.

Positive

• Upsized preferred offering to 3,500,000 shares from 3,000,000 shares
• Estimated net proceeds of approximately $273.8 million for corporate uses
• 9.50% cumulative dividend on $100 stated amount per preferred share
• Issuer redemption option as early as issue date at up to 110% of stated amount
• Applied to list Series A Preferred Stock on NYSE under symbol BMNP

Negative

• New Series A Preferred adds $350 million initial liquidation preference senior to common shareholders
• Cumulative 9.50% dividend creates ongoing cash dividend obligations when declared and funds are available
• Redemption premiums up to 10% of stated amount if redeemed within first 18 months

Key Figures

Series A shares offered: 3,500,000 shares Offering price: $80.00 per share Estimated net proceeds: $273.8 million +5 more

8 metrics

Series A shares offered 3,500,000 shares Upsized 9.50% Series A Perpetual Preferred Stock offering

Offering price $80.00 per share Public offering price for Series A Preferred Stock

Estimated net proceeds $273.8 million Net proceeds to company after fees and expenses

Dividend rate 9.50% per annum Cumulative cash dividends on $100 stated amount

Stated amount $100 per share Stated amount and initial liquidation preference

Maximum dividend rate 15% per annum Cap on compounded dividend rate after non-payment

Redemption premiums 110%, 105%, 100% Call prices vs stated amount over time windows

Liquidation floor $100 per share Minimum liquidation preference, not adjusted below $100

Market Reality Check

Price: $17.91 Vol: Volume 44,195,606 is 1.22...

normal vol

$17.91 Last Close

Volume Volume 44,195,606 is 1.22x the 20-day average of 36,106,585, indicating elevated trading activity before this announcement. normal

Technical Shares trade below the 200-day MA of 32.35, with the pre-news price at 17.91, far under the 161 52-week high.

Peers on Argus

BMNR was up 5.86% pre-announcement while peers showed mixed, mostly modest moves...

BMNR was up 5.86% pre-announcement while peers showed mixed, mostly modest moves (e.g., MARA +2.89%, PJT +4.3%, XP -0.32%, IREN -0.43%), pointing to stock-specific drivers rather than a coordinated sector move.

Previous Crypto,offering Reports

4 past events · Latest: Jun 03 (Negative)

Same Type Pattern 4 events

Date	Event	Sentiment	Move	Catalyst
Jun 03	Preferred offering proposed	Negative	+5.9%	Announced plan for 9.50% Series A perpetual preferred stock financing.
Sep 22	Large direct offering	Negative	-10.1%	Priced $365.24M registered direct offering with warrants at premium.
Jun 06	Offering closing, uplist	Negative	-8.7%	Closed $18M common stock offering and completed NYSE American uplisting.
Jun 04	Offering announced	Negative	-3.1%	Announced $18M public common stock offering tied to NYSE American uplist.

Pattern Detected

Crypto-related offerings for BMNR have typically seen negative reactions, with 3 of 4 prior events trading down, making the recent positive move on the proposed preferred offering an outlier.

Recent Company History

Across prior crypto,offering events, Bitmine moved from a smaller $18M NYSE American uplisting deal in June 2025 to a much larger $365.24M registered direct offering with attached warrants in September 2025. Those financings generally saw share-price declines of -3.13% to -10.1%. In June 2026, the company shifted to a 9.50% Series A perpetual preferred structure, where the proposed offering on June 3, 2026 coincided with a +5.86% move, contrasting with the prior pattern of weakness on capital-raising news.

Historical Comparison

-4.0% avg move · Past crypto-related offerings for BMNR averaged a -4.01% move, with three of four events trading low...

crypto,offering

-4.0%

Average Historical Move crypto,offering

Past crypto-related offerings for BMNR averaged a -4.01% move, with three of four events trading lower, so any sustained strength around this upsized preferred deal would contrast with its usual financing pattern.

BMNR’s offering history progresses from a $18M common stock uplisting deal to a larger $365.24M registered direct with warrants, and now to a 9.50% Series A perpetual preferred structure, signaling an evolution in how it finances its crypto-focused strategy.

Regulatory & Risk Context

Active S-3 Shelf

Shelf Active

Active S-3 Shelf Registration 2026-04-28

An effective S-3ASR dated 2026-04-28 registers 501,545 existing common shares for resale by selling stockholders, with the company receiving no proceeds. Shelf usage includes a 424B5 filed on 2026-06-03 tied to the Series A preferred prospectus supplement. The current preferred deal is conducted under this shelf framework but does not expand primary issuance capacity beyond what is registered.

Market Pulse Summary

This announcement details an upsized 9.50% Series A perpetual preferred offering of 3,500,000 shares...

Analysis

This announcement details an upsized 9.50% Series A perpetual preferred offering of 3,500,000 shares at $80, raising about $273.8M for ETH and digital-asset expansion, staking infrastructure, and potential buybacks. The security carries cumulative dividends, step-up compounding up to 15%, and call prices of 110%, 105%, then 100% of the $100 stated amount, plus an adjustable liquidation preference. Historically, BMNR’s crypto,offering news averaged a -4.01% move, so investors may track how this structure affects funding flexibility and balance-sheet risk alongside existing S-3 shelf capacity.

Key Terms

perpetual preferred stock, cumulative dividends, basis points, liquidation preference, +4 more

8 terms

perpetual preferred stock financial

"3,500,000 shares of 9.50% Series A Perpetual Preferred Stock (the "Series A Preferred Stock")"

A perpetual preferred stock is a type of share that behaves like a forever-lasting, fixed-income investment: it pays regular dividends and has no set maturity date, yet it represents ownership rather than a loan. It ranks ahead of common stock for dividend payments and in liquidation, so investors treat it as a mix between a bond and an equity stake; its value depends largely on the issuer’s credit and prevailing interest rates.

cumulative dividends financial

"will accumulate cumulative dividends at a fixed rate of 9.50% per annum"

A feature of some dividend-paying securities—most often preferred shares—where any dividends the issuer skips or defers are recorded and must be paid later before other shareholders receive dividends. Think of it like missed subscription payments that pile up and must be settled first. For investors this matters because it increases the likelihood of receiving owed income and gives these holders priority on company cash, affecting income reliability and risk.

basis points financial

"increase per regular dividend period will be proportionately reduced ... maximum aggregate additional dividend rate increase per annum is 260 basis points."

Basis points are a way to measure small changes in interest rates or percentages, where one basis point equals 0.01%. For example, if a loan's interest rate increases by 50 basis points, it's gone up by 0.50%. They help people understand tiny differences in rates that can add up over time, making financial comparisons clearer.

liquidation preference financial

"The liquidation preference of the Series A Preferred Stock shall initially be $100 per share."

A liquidation preference is a rule that determines who gets paid first and how much they receive when a company is sold, goes bankrupt, or distributes its assets. It gives certain investors a priority claim—often returning their original investment plus any agreed multiple—before other owners receive money, which shapes how much common shareholders and founders ultimately get; think of it as a front-of-the-line pass that affects payout order and investor returns.

redemption price financial

"at a redemption price equal to 110% of the stated amount per share"

The redemption price is the amount of money a person receives when they sell or redeem a bond or investment before it matures. It’s important because it determines how much you get back and can affect your overall profit or loss on the investment. Think of it like the price you get when returning a gift card early—it's the value you receive at that time.

fundamental change regulatory

"If an event that constitutes a "fundamental change" under the certificate of designations governing the Series A Preferred Stock occurs"

A fundamental change is a major shift in how a company or economy operates, like a new technology or a big change in leadership. It matters because such changes can affect the value or stability of investments, making them more or less attractive. Think of it like a major upgrade or shift in the rules of a game that can change the outcome.

registration statement regulatory

"pursuant to an effective shelf registration statement on Form S-3 (File No. 333-288579)"

A registration statement is a formal document that companies file with a government agency to offer new shares of stock to the public. It provides essential information about the company's finances, operations, and risks, helping investors make informed decisions. Think of it as a detailed product description that ensures transparency and trust before buying into a company.

prospectus supplement regulatory

"only by means of a prospectus supplement and an accompanying prospectus included in the Registration Statement"

A prospectus supplement is an additional document provided alongside a company's main offering details, offering updated or extra information about a specific financial product being sold. It helps investors understand the latest terms, risks, and details of the investment, similar to how an update or revision clarifies or expands on original instructions, ensuring they have current and complete information before making a decision.

AI-generated analysis. Not financial advice.

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NORWALK, Conn., June 5, 2026 /PRNewswire/ -- Bitmine Immersion Technologies, Inc. (NYSE: BMNR) (the "Company") today announced the pricing of its upsized offering (the "offering") registered under the Securities Act of 1933, as amended (the "Securities Act"), on June 4, 2026 of 3,500,000 shares of 9.50% Series A Perpetual Preferred Stock (the "Series A Preferred Stock"), at a public offering price of $80.00 per share. This reflects an upsizing of the previously announced offering of 3,000,000 shares of Series A Preferred Stock. The issuance and sale of the Series A Preferred Stock are scheduled to settle on June 10, 2026, subject to customary closing conditions.

The Company estimates that the net proceeds it will receive from the offering will be approximately $273.8 million, after deducting the underwriting discounts and commissions and the Company's estimated offering expenses. The Company intends to use the net proceeds from the offering for general corporate purposes, which may include the acquisition of additional ETH and other digital assets, the expansion of the Company's staking and validator infrastructure, including through MAVAN; working capital; strategic investments aligned with the Ethereum ecosystem and broader digital asset adoption; and/or repurchases of the Company's common stock under its share repurchase program.

The Series A Preferred Stock will accumulate cumulative dividends at a fixed rate of 9.50% per annum on the stated amount, which is $100 per share of Series A Preferred Stock, regardless of whether or not declared or funds are legally available for their payment (the "stated amount"). Regular dividends on the Series A Preferred Stock will be payable when, as and if declared by the Company's board of directors, out of funds legally available for their payment, weekly in arrears; provided that the Company may in the future elect, in its sole discretion, to pay regular dividends more frequently. Declared regular dividends on the Series A Preferred Stock will be payable solely in cash. In the event that any accumulated regular dividend on the Series A Preferred Stock is not paid on the applicable regular dividend payment date, then additional regular dividends ("compounded dividends") will accumulate on the amount of such unpaid regular dividend, compounded weekly at the compounded dividend rate. The Company will have the flexibility to elect to increase the payment frequency of regular dividends to be more often than weekly and, in the event that the Company so elects, the additional dividend rate increase per regular dividend period will be proportionately reduced to reflect such shorter regular dividend period such that the maximum aggregate additional dividend rate increase per annum is 260 basis points.

The compounded dividend rate applicable to any unpaid regular dividend that was due on a regular dividend payment date will initially be a rate per annum equal to 9.50% plus 5 basis points (based on a weekly regular dividend period); provided, however, that, until such regular dividend, together with compounded dividends thereon, is paid in full, such compounded dividend rate will increase by 5 basis points per annum (based on a weekly regular dividend period) for each subsequent regular dividend period, up to a maximum dividend rate of 15% per annum.

The Company will have the right, at its election, to redeem the Series A Preferred Stock, in whole or in part, at any time, or from time to time, for cash as follows: (i) from the original issue date until eighteen (18) months after the original issue date, at a redemption price equal to 110% of the stated amount per share; (ii) from eighteen (18) months to three (3) years after the original issue date, at a redemption price equal to 105% of the stated amount per share; and (iii) after three (3) years following the original issue date, at a redemption price equal to 100% of the stated amount per share; plus, in each case, accumulated and unpaid dividends thereon to, but excluding, the redemption date.

In addition, the Company will have the right to redeem all, but not less than all, of the Series A Preferred Stock if the total number of shares of all Series A Preferred Stock then outstanding is less than 25% of the total number of shares of Series A Preferred Stock originally issued in the offering and in any future offering taken together. The Company will also have the right to redeem all, but not less than all, of the Series A Preferred Stock if certain tax events occur. The redemption price for any Series A Preferred Stock to be redeemed in connection with a clean-up call or tax event will be a cash amount equal to the liquidation preference of the Series A Preferred Stock to be redeemed as of the business day before the date on which the Company sends the related redemption notice, plus accumulated and unpaid regular dividends to, but excluding, the redemption date.

If an event that constitutes a "fundamental change" under the certificate of designations governing the Series A Preferred Stock occurs, then holders of the Series A Preferred Stock will have the right to require the Company to repurchase some or all of their shares of Series A Preferred Stock at a cash repurchase price equal to the stated amount of the Series A Preferred Stock to be repurchased, plus accumulated and unpaid regular dividends, if any, to, but excluding, the fundamental change repurchase date.

The liquidation preference of the Series A Preferred Stock shall initially be $100 per share. Effective immediately after the close of business on each business day after the initial issue date (and, if applicable, during the course of a business day on which any sale transaction to be settled by the issuance of Series A Preferred Stock is executed, from the exact time of the first such sale transaction during such business day until the close of business of such business day), the liquidation preference per share of Series A Preferred Stock will be adjusted to be the greatest of (i) the stated amount per share of Series A Preferred Stock; (ii) in the case of any business day with respect to which the Company has, on such business day or any business day during the ten (10) trading day period preceding such business day, executed any sale transaction to be settled by the issuance of Series A Preferred Stock, an amount equal to the last reported sale price per share of Series A Preferred Stock on the trading day immediately before such business day; and (iii) the arithmetic average of the last reported sale prices per share of Series A Preferred Stock for each trading day of the ten (10) consecutive trading days immediately preceding such business day; provided, however, that, if applicable, the reference in (iii) to ten (10) will be replaced by such lesser number of trading days as have elapsed during the period from, and including, the initial issue date to, but excluding, such business day. However, the liquidation preference will not be adjusted to an amount that is less than $100 per share.

The Company has applied to list the Series A Preferred Stock on The New York Stock Exchange under the symbol "BMNP." If the listing is approved, the Company expects trading to commence within 30 days after the date the Series A Preferred Stock is first issued.

Moelis & Company and Cantor are acting as joint lead bookrunners for the offering.

The offering is being made pursuant to an effective shelf registration statement on Form S-3 (File No. 333-288579), filed with the Securities and Exchange Commission (the "SEC") on July 9, 2025 (the "Registration Statement"). The offering will be made only by means of a prospectus supplement and an accompanying prospectus included in the Registration Statement. An electronic copy of the preliminary prospectus supplement, together with the accompanying prospectus, is available on the SEC's website at www.sec.gov. Alternatively, copies of the preliminary prospectus supplement, together with the accompanying prospectus, can be obtained by contacting: Moelis & Company LLC, 399 Park Avenue 4th Floor, New York, NY 10022, by phone: 1-800-539-9413, or Cantor Fitzgerald & Co., Attention: Capital Markets, 110 East 59th Street, New York, NY 10022, by phone: 1-212-938-5000, or by email: prospectus@cantor.com.
This press release does not constitute an offer to sell, or the solicitation of an offer to buy, any securities referred to in this press release, nor will there be any sale of any such securities, in any state or other jurisdiction in which such offer, sale or solicitation would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction.

About Bitmine Immersion Technologies

Bitmine Immersion Technologies, Inc. (NYSE: BMNR) is a Bitcoin miner with operations in the US. The company is deploying its excess capital to be the leading Ethereum Treasury company in the world, implementing an innovative digital asset strategy for institutional investors and public market participants. Guided by its philosophy of "the alchemy of 5%," the Company is committed to ETH as its primary treasury reserve asset, leveraging native protocol-level activities including staking and decentralized finance mechanisms. The Company launched MAVAN (Made-in America VAlidator Network), a dedicated staking infrastructure for the Company assets, in 2026.

Forward-Looking Statements

This press release contains statements that constitute "forward-looking statements." The statements in this press release that are not purely historical are forward-looking statements which involve risks and uncertainties. Statements in this press release about future expectations, plans, and prospects, as well as any other statements regarding matters that are not historical facts, may constitute "forward-looking statements" within the meaning of The Private Securities Litigation Reform Act of 1995. The words "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "plan," "potential," "predict," "project," "should," "target," "will," "would," and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. These statements include, but are not limited to, statements relating to the size and timing of the offering, the anticipated use of any proceeds from the offering, the terms of the securities being offered, the payment of dividends, and the expected listing of the Series A Preferred Stock on the NYSE. In evaluating these forward-looking statements, you should consider various factors, including: the Company's ability to keep pace with new technology and changing market needs; the Company's ability to finance its current business, Ethereum treasury operations, and proposed future business; the competitive environment of the Company's business; market conditions affecting the trading price of the Company's common stock; regulatory developments affecting digital assets, including the ultimate enactment and implementation of pending legislation and SEC initiatives; the volatility and unpredictability of digital asset prices; and the future value of Bitcoin and Ethereum. Actual results and future performance outcomes and results may differ materially from those expressed in forward-looking statements. Forward-looking statements are subject to numerous conditions, many of which are beyond the Company's control, including those set forth in the Risk Factors section of the Company's Form 10-K filed with the SEC on November 21, 2025, as well as all other SEC filings, as amended or updated from time to time. Copies of the Company's filings with the SEC are available on the SEC's website at www.sec.gov. Any forward-looking statements contained in this press release speak only as of the date hereof, and the Company specifically disclaims any obligation to update any forward-looking statement, whether as a result of new information, future events, or otherwise, except as required by law.

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SOURCE Bitmine Immersion Technologies, Inc.

FAQ

What did Bitmine (NYSE: BMNR) announce about its BMNP preferred stock on June 5, 2026?

Bitmine announced pricing of an upsized offering of 3,500,000 shares of 9.50% Series A Perpetual Preferred Stock at $80 per share. According to Bitmine, estimated net proceeds are about $273.8 million, with settlement expected June 10, 2026, subject to customary conditions.

What is the dividend rate and payment schedule on Bitmine’s 9.50% Series A Preferred (NYSE: BMNP)?

The Series A Preferred pays a 9.50% per annum cumulative dividend on a $100 stated amount. According to Bitmine, regular dividends are payable weekly in arrears, in cash, when and if declared out of legally available funds, with flexibility to increase payment frequency.

How will Bitmine use the $273.8 million net proceeds from the BMNP preferred stock offering?

Bitmine plans to use net proceeds for general corporate purposes, including ETH and digital asset purchases and staking expansion. According to Bitmine, funds may also support working capital, Ethereum ecosystem investments, and potential repurchases of common stock under its share repurchase program.

What are the redemption terms for Bitmine’s 9.50% Series A Preferred Stock (BMNP)?

Bitmine may redeem the Series A Preferred for cash at 110% of stated amount in the first 18 months, 105% from 18 months to three years, and 100% thereafter. According to Bitmine, all redemptions include accumulated and unpaid dividends to, but excluding, the redemption date.

Will Bitmine’s 9.50% Series A Preferred Stock trade on the NYSE and under what symbol?

Bitmine has applied to list the Series A Preferred Stock on the New York Stock Exchange under the symbol BMNP. According to Bitmine, if listing is approved, trading is expected to begin within 30 days after the date the Series A Preferred Stock is first issued.

What investor protections are included with Bitmine’s BMNP 9.50% Series A Preferred Stock?

Holders receive cumulative dividends and rights on fundamental change events and liquidation preference adjustments. According to Bitmine, investors can require repurchase at stated amount plus unpaid dividends upon a fundamental change, and liquidation preference resets based on trading prices, subject to a $100 per share minimum.