BitMine Issues $280M Perpetual Preferred at 9.50% Amid $4.5B ATM
Crypto Treasury Expansion
Company Background
BitMine Immersion Technologies began life as a Bitcoin miner but executed a sharp strategic pivot beginning in July 2025, directing the proceeds of successive capital raises into Ethereum. In roughly eleven months, the company grew from zero ETH to approximately 5.39 million tokens as of May 25, 2026 — a position it values at roughly $12.3 billion — making it the self-described largest ETH treasury globally. Alongside accumulation, it launched MAVAN, a proprietary institutional-grade Ethereum staking platform, which it reports is generating approximately $276 million in annualized staking revenue with nearly 4.7 million ETH staked.
The speed and scale of the capital program has been striking. Between June 2025 and April 2026, BitMine completed a $252.5 million private placement, a $182 million block trade with ARK Invest, and expanded its at-the-market common-stock facility twice — first to $2 billion in July 2025, then to $4.5 billion in July 2025 as well. The company uplisted from NYSE American to the NYSE on April 9, 2026. It also replaced its auditor, dismissing Bush & Associates CPA LLC and engaging KPMG LLP on April 27, 2026, with no disagreements or reportable events disclosed in connection with the change.
What Was Disclosed
On June 4, 2026, BitMine entered into an underwriting agreement with Moelis & Company LLC and Cantor Fitzgerald & Co. to sell 3,500,000 shares of 9.50% Series A Perpetual Preferred Stock at a public offering price of $80.00 per share. The offering was upsized from the previously announced 3,000,000 shares; net proceeds are estimated at approximately $273.8 million after underwriting discounts and expenses. Settlement is scheduled for June 10, 2026. Proceeds are designated for general corporate purposes, including additional ETH purchases, MAVAN infrastructure expansion, working capital, ecosystem investments, and repurchases of common stock under the company's $4 billion buyback program.