BitMine seeks $300 million preferred stock sale for Ethereum treasury strategy

BitMine Immersion Technologies increased its 9.5% Series A perpetual preferred stock offering to 3.5 million shares priced at $80 each, a revised deal expected to generate about $273.8 million in net proceeds. The company said the funds will be used to buy more ETH and other digital assets, expand staking and validation infrastructure including the MAVAN network, pursue strategic investments, and potentially repurchase common stock. The financing advances BitMine’s Ethereum-centered treasury strategy and reflects a Strategy-style capital-markets approach in which a public company raises money through corporate securities to accumulate a crypto asset. The preferred shares have applied to list on the New York Stock Exchange under the ticker BMNP, and the offering is expected to close on June 10. BitMine had previously outlined a $300 million raise through 3 million preferred shares at $100 each. The updated terms increase the share count while lowering the price, keeping the focus on Ether accumulation and blockchain infrastructure as institutional interest in Ethereum has grown.