BitMine Immersion Technologies Files $300M Preferred Share Offering to Buy ETH

BitMine Immersion Technologies has submitted a registration statement with the U.S. Securities and Exchange Commission for a public offering of 3 million Series A perpetual preferred shares. Each share has a par value of $100, with the company aiming to raise $300 million.

The preferred shares carry a fixed cumulative dividend of 9.5% per annum, payable weekly in cash. The shares are set to list on the New York Stock Exchange under the ticker BMNP.

Proceeds from the offering will be allocated toward acquiring additional Ethereum (ETH) and scaling the company's staking infrastructure. BitMine also noted it may repurchase outstanding common shares as part of its capital allocation strategy.