Bitmine Raises $280M in Preferred Stock to Expand Ethereum Treasury
Bitmine Immersion Technologies (BMNR) priced an upsized $280 million Series A perpetual preferred stock offering on June 6, using the proceeds to build out an Ethereum (ETH) infrastructure and treasury position. The company trades on the NYSE under the ticker BMNR.
The raise comes as publicly listed cryptocurrency holders face mounting mark-to-market losses following a sharp market decline that has wiped roughly $20,000 from Bitcoin (BTC) over the past three weeks.
The Offering Details
Bitmine’s board approved the upsized raise after the offering was originally smaller in scope. The Series A preferred stock is perpetual, meaning it carries no fixed maturity date.
Proceeds are earmarked specifically for Ethereum-related infrastructure and the accumulation of ETH as a treasury reserve asset. The company did not specify a target ETH price or acquisition timeline in the pricing release.
The preferred stock structure gives Bitmine access to large-scale capital without diluting common shareholders through a direct equity issuance.
Perpetual preferred stock sits between debt and equity on a company’s balance sheet, carrying dividend obligations but no repayment deadline.
The PR wire release confirmed the June 6 pricing. A separate Dutch-language release confirmed identical terms across Bitmine’s international filings.
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Background
Bitmine Immersion Technologies is a Bitcoin mining company operating in the United States.
The company deploys excess capital beyond its mining operations into digital asset strategies, a model that mirrors the treasury-accumulation playbook popularized by companies like MicroStrategy (MSTR). Bitmine has been under pressure alongside other corporate cryptocurrency holders as BTC fell toward $59,000 to $61,000 this week.
A separate report from Bloomingbit on June 7 noted that Strategy and Bitmine were among the publicly traded companies seeing the steepest mark-to-market losses from the broader sell-off.
The decision to pivot treasury deployment toward Ethereum rather than Bitcoin is a meaningful strategic divergence. Most corporate crypto treasury programs have concentrated exclusively on Bitcoin, citing its fixed supply and regulatory clarity.
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What Comes Next
The size of the raise, $280 million, is substantial relative to Bitmine’s existing operations.
Execution depends on the company’s ability to deploy capital into ETH at favorable prices during a period of elevated volatility. Bitcoin and Ethereum both posted their largest weekly declines since the FTX collapse period, according to market data circulating this week, which could create buying opportunities or further pressure on the balance sheet depending on timing.
Investors will watch whether Bitmine discloses ETH accumulation milestones in subsequent regulatory filings, as MicroStrategy did with its Bitcoin purchases over multiple quarters.
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