BitMine Immersion Technologies, the largest Ethereum treasury firm, has raised approximately $274 million through a preferred stock offering. The company sold 3.5 million shares at $80 each, with proceeds earmarked for acquiring more Ethereum, funding staking infrastructure, and potential stock buybacks. The newly created shares will pay a 9.5% annual dividend and are expected to list on the NYSE under the ticker BMNP.
BitMine Immersion Technologies priced a larger-than-expected preferred stock offering, expecting to raise an estimated $273.8 million. The company sold 3.5 million shares of Series A Perpetual Preferred Stock at $80 per share, up from its initial plan to offer 3 million shares.
Proceeds from the offering may be used to acquire additional Ethereum and other digital assets. Funds could also finance staking infrastructure through its newly launched MAVAN validator network or buy back common shares.
The preferred shares will carry a 9.50% annual dividend rate. The liquidation preference—the amount investors would receive in a wind-down—is designed to float upward based on recent market prices, though it cannot fall below $100 per share.
The offering carries risks typical of crypto-adjacent investments. BitMine’s fixed dividend obligations persist regardless of Ethereum’s price movement, which could pressure finances during a prolonged market downturn.
BitMine pivoted from Bitcoin mining to Ethereum treasury accumulation last summer. Its high-profile addition of prominent investor Tom Lee as chairman helped fuel a rally for both the coin and its shares.
The firm now holds over $8.6 billion worth of Ethereum, making it the largest player among ETH-focused treasuries. However, Ethereum’s price collapse from an all-time high near $5,000 to a recent $1,591 has put the firm’s holdings more than $10 billion underwater, per data from DropsTab.
BitMine’s common stock price has fallen substantially, recently trading at $16. This represents a more than 10.5% drop on the day and a 41% dive since the start of 2026.
The launch mirrors Strategy‘s success with its own preferred share offering, which has fueled billions of dollars’ worth of Bitcoin buys. Strategy, the largest Bitcoin treasury firm with over $51 billion in BTC, has also seen declines, with its holdings showing a paper loss of about $12 billion.
