BitMine Immersion Technologies, the leading Ethereum treasury firm, has priced a larger-than-expected preferred stock offering, raising approximately $273.8 million. The firm sold 3.5 million shares of Series A Perpetual Preferred Stock at $80 each, up from an initial plan of 3 million shares.
The preferred shares carry a 9.5% annual dividend and are expected to list on the New York Stock Exchange under the ticker BMNP. The liquidation preference floats upward based on market prices but cannot fall below $100 per share.
Proceeds will be used to acquire additional Ethereum and other digital assets, fund staking infrastructure through the MAVAN validator network, or buy back common shares.
The offering comes as BitMine, now chaired by prominent investor Tom Lee, holds over $8.6 billion in Ethereum-the largest among ETH-focused treasuries. However, Ethereum's price has fallen more than 67% from its all-time high of $5,000 last August, putting the firm's holdings over $10 billion underwater.
BitMine's stock has dropped 41% since the start of 2026, recently trading at $16. The move mirrors Strategy's successful STRC preferred share offering, which has fueled billions in Bitcoin purchases this year.