BitMine Immersion Technologies, the high-profile Ethereum treasury specialist chaired by Tom Lee, has priced a bigger-than-expected preferred share sale as it double‑downs on ETH exposure — and on attracting institutional capital.
What it announced
- BitMine (common shares trade under BMNR) sold 3.5 million newly created Series A Perpetual Preferred shares at $80 apiece, up from an initial 3 million-share plan, in a deal expected to bring in roughly $273.8 million. The offering is slated to close June 10, subject to customary conditions. Moelis & Company and Cantor are joint lead bookrunners.
- The securities carry a 9.50% annual dividend and are perpetual in nature. BitMine has applied to list them on the NYSE under the ticker BMNP.
- The preferred stock includes a liquidation preference that rises with recent market prices but cannot fall below $100 per share — a notable floor given the $80 issuance price.
Planned use of proceeds
BitMine said proceeds may be used to buy additional Ethereum and other digital assets, expand staking infrastructure through its new MAVAN validator network, or repurchase common shares.
Why BitMine is doing this
The move mirrors a broader trend in crypto treasuries leaning on preferred shares to raise capital without diluting common equity. Strategy’s STRC preferred offering — which financed billions in bitcoin purchases this year — is a clear precedent that BitMine appears to be following into the institutional market.
The risks
Preferred dividends are fixed obligations, so BitMine must pay the 9.5% coupon regardless of how Ethereum performs. That creates risk: a prolonged crypto downturn could strain the company’s finances even as it markets a treasury model aimed at institutions.
Where BitMine stands today
- The company pivoted from bitcoin mining to building an ETH treasury last summer and has rapidly accumulated assets, now holding over $8.6 billion in Ethereum — the largest ETH-focused treasury by a wide margin.
- But ETH’s fall from near $5,000 last August to about $1,591 recently (a drop of more than 67%) has left the firm’s holdings deeply underwater. DropsTab data suggests the position is more than $10 billion in the red on a paper basis.
- BitMine’s common stock has slid as well, trading around $16 at the time of the report — down about 10.5% on the day and roughly 41% since the start of 2026.
Context from the sector
Strategy, the largest bitcoin-treasury firm with over $51 billion in BTC, has shown how preferred raises can fund large purchases even while treasuries face mark-to-market losses. Strategy’s own holdings show a material paper loss and its stock has also been under pressure.
Disclosure
Tom Lee’s chairmanship and profile have helped draw attention to BitMine; Lee also has investments in Dastan, the parent company of an editorially independent crypto outlet (disclosure noted by the original report).
Bottom line
BitMine’s $273.8 million preferred offering signals continued appetite among treasury firms to use structured equity to fund crypto accumulation and staking ambitions — but it also increases near-term fixed costs at a time when ETH markets and treasury valuations remain volatile.
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