Bitmine Immersion Technologies (NYSE: BMNR) filed plans Wednesday to raise $300 million through a new perpetual preferred stock offering, with the proceeds earmarked to expand what it calls the world's largest corporate ethereum treasury. The company submitted a preliminary prospectus supplement with the SEC on June 3, detailing 3 million shares of 9.50% Series A Perpetual Preferred Stock.
A 9.5% Perpetual Raise
The offering is structured as perpetual preferred stock — there's no maturity date, so the shares pay a fixed dividend indefinitely unless the company calls them. Bitmine's Series A carries a 9.50% yield. That's a steep coupon for a corporate preferred, reflecting both the risk profile of a crypto miner and the high-rate environment. The $300 million raise, if it closes, would be one of the larger equity-like offerings from a publicly traded crypto firm this year.
Why Ethereum?
Bitmine hasn't been shy about its strategic pivot. It's primarily a bitcoin mining operation — the company designs and deploys immersion-cooled rigs — but in recent quarters it's been accumulating ether. Calling its holdings the world's largest corporate ethereum treasury is a bold claim. Whether that's accurate by market cap or just by number of coins, the direction is clear: Bitmine is betting big on ETH, not just as a holding but as a core part of its balance sheet strategy.
What's in the Filing
The prospectus supplement filed Wednesday is preliminary. That means the final terms — including the exact dividend rate, conversion features, and any call provisions — could shift before the deal prices. Bitmine has not yet set an offering date or a firm underwriter. The SEC typically reviews these filings for a period before the company can market the shares. Investors will want to watch for the final pricing and whether the 9.50% figure holds.
For a bitcoin miner to steer a $300 million preferred raise into ether shows just how seriously the company takes its bet on the ethereum ecosystem. It's also a reminder that corporate treasuries in crypto are no longer just about hodling BTC — ETH has become a treasury asset in its own right.
What's next? Bitmine's preliminary filing means the deal is in motion, but there's no calendar. The company will likely release a final prospectus after SEC clearance, and the offering will price based on market appetite. Until then, the 9.50% yield is a placeholder — and a big number to deliver on.
