The largest corporate holder of Ethereum, BitMine Immersion Technologies, has filed with the U.S. Securities and Exchange Commission for a public offering of 3 million perpetual Series A preferred shares.
The shares have a par value of $100 each, and the company aims to raise $300 million. They will offer a fixed cumulative yield of 9.5% per annum with weekly cash payments.
BitMine plans to use the net proceeds for general corporate purposes, including purchasing additional Ethereum and other digital assets, expanding its staking and validation infrastructure (including MAVAN), replenishing working capital, and making strategic investments in the second-largest cryptocurrency ecosystem. The company also considers repurchasing common shares.
BitMine reserves the right to buy back the new securities in whole or in part for cash. In the first 18 months, the buyback price will be 110% of the established value, from 18 months to three years it will be 105%, and after three years it will be 100%. In all cases, this is plus any accrued and unpaid dividends. Holders will also have the option to demand a buyback in the event of significant changes.
The company has applied for a listing on the New York Stock Exchange under the ticker BMNP. Trading is expected to begin within 30 days of the offering. Moelis & Company and Cantor are serving as joint bookrunners.
As a reminder, in May, BitMine reported acquiring 111,942 ETH, marking the company's largest transaction for 2026.