Bitmine Immersion Technologies announced it has entered into an underwriting agreement for an upsized public offering of 3,500,000 shares of its 9.50% Series A Perpetual Preferred Stock at a price of $80.00 per share. The company expects to raise approximately $273.8 million in net proceeds from the offering, which is scheduled to close on June 10, 2026.

Key Details

  • Offering Size: 3,500,000 shares were offered at $80.00 per share, for total gross proceeds of $280 million. The offering was upsized from a previously announced 3,000,000 shares.
  • Security Terms: The Series A Perpetual Preferred Stock carries a cumulative dividend rate of 9.50% per annum on a $100 stated amount per share.
  • Use of Proceeds: Net proceeds of approximately $273.8 million will be used for general corporate purposes, including acquiring additional digital assets like ETH, expanding staking infrastructure, and potential common stock repurchases.
  • Underwriters: The offering is being underwritten by Moelis & Company LLC and Cantor Fitzgerald & Co.