BitMine to Issue $300 Million in Shares for Ethereum Acquisition

BitMine files for $300M share issue to buy Ethereum.

BitMine Immersion Technologies, the largest corporate holder of Ethereum, has filed an application with the U.S. Securities and Exchange Commission to publicly offer 3 million perpetual preferred Series A shares.

The nominal value of the shares is $100 each, with the company aiming to raise $300 million. The shares offer a fixed cumulative yield of 9.5% per annum, with weekly cash payments.

The net proceeds are intended for general corporate purposes, including the purchase of additional Ethereum and other digital assets, expansion of infrastructure for staking and validation (including MAVAN), increasing working capital, and strategic investments in the ecosystem of the second-largest cryptocurrency by market capitalization. BitMine also considers repurchasing common stock.

The firm reserves the right to redeem the new securities in full or in part for cash. In the first 18 months, the price will be 110% of the set value, from 18 months to three years — 105%, and after three years — 100%, plus accrued and unpaid dividends in all cases. Holders can also demand redemption upon significant changes.

The company has applied to list the shares on the New York Stock Exchange under the ticker BMNP. Trading is expected to commence within 30 days of issuance. Moelis & Company and Cantor are acting as joint bookrunners.

In May, BitMine reported acquiring 111,942 ETH, marking the firm’s largest transaction in 2026.