Bitmine Prices Upsized $273.8M Preferred Stock Offering with 9.5% Dividend for Crypto Strategy and Buybacks
BMNR has more than doubled off its 52-week low of $3.92.
Summary
Bitmine Immersion Technologies priced an upsized $273.8 million offering of 9.50% Series A Perpetual Preferred Stock to fund its digital asset strategy and common stock repurchases, despite the high cost of capital.
Key Events · Financing and Capital Events · BMNR
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Upsized Preferred Stock Offering Priced
The company priced an upsized offering of 3,500,000 shares of 9.50% Series A Perpetual Preferred Stock at a public offering price of $80.00 per share, with a stated amount of $100 per share.
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Significant Capital Raise
The offering is expected to generate approximately $273.8 million in net proceeds, scheduled to settle on June 10, 2026.
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High Cost of Capital
The Series A Preferred Stock carries a 9.50% cumulative weekly dividend, with additional compounded dividends accumulating if payments are missed, reflecting a high cost for this capital.
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Strategic Use of Proceeds
Net proceeds will be used for general corporate purposes, including acquiring additional ETH and other digital assets, expanding staking and validator infrastructure, working capital, strategic investments, and repurchases of common stock under its existing share repurchase program.
Analysis · BMNR · Crypto Assets
This filing details the pricing and terms of a significant capital raise for Bitmine Immersion Technologies. The company is issuing preferred stock with a high 9.50% cumulative dividend, offered at a discount to its stated amount, indicating a substantial cost of capital. However, securing $273.8 million in net proceeds is critical for the company's liquidity and ability to fund its digital asset strategy, including acquiring more ETH and expanding staking infrastructure, especially following recent reports of a $3.8 billion quarterly loss and a $1 billion decrease in crypto holdings. The inclusion of common stock repurchases as a use of proceeds also provides a potential benefit to common shareholders.
How filings like this one have moved
In the 30 days to Sep 11, 2026, 35.7% of the 1694 measured filings Wiseek scored 8 moved their stock by 5% or more by the next session's close. The median move was -0.10%. These are measured outcomes after filings of this importance, not a forecast for this one.
Measured one observation per ticker per day, after exclusions. Current figures: Filing Impact Tracker · open dataset
At the time of this filing, BMNR was trading at $16.01 on NYSE in the Crypto Assets sector, with a market capitalization of approximately $9.1B. The 52-week trading range was $3.92 to $161.00. This filing was assessed with neutral market sentiment and an importance score of 8 out of 10.