Bitmine seeks roughly $300M via perpetual preferred shares yielding 9.5% to expand ETH holdings

Bitmine Immersion Technologies (NYSE: BMNR) announced a proposed public offering of 3,000,000 shares of its Series A Perpetual Preferred Stock carrying a 9.50% dividend, in a move that the company says is subject to market and other conditions and registration under the Securities Act ^{[1] [2]}.

The company is targeting approximately $300 million from the sale and intends to use proceeds in part to acquire additional Ether (ETH) for its corporate treasury, a strategy reported across filings and industry coverage ^{[2] [3]}.

Market commentary noted that the preferred offering mirrors prior corporate finance approaches used in the crypto sector and could increase Bitmine’s leverage to Ethereum market moves; analysts and articles flagged that reliance on ETH price and staking yields may affect the sustainability of dividend payments ^{[4] [3]}.

The offering is registered and conditional on market and regulatory factors; the company will proceed only if those conditions are met, per its public filings ^[1].