Bitmine Files Preferred Stock Offering to Expand Ethereum Treasury

Highlights:

• Bitmine plans to offer 3 million preferred shares with a 9.50% annual dividend.
• The company may use proceeds to buy more ETH and expand validator infrastructure.
• Bitmine now holds 5.42 million ETH, about 4.49% of Ethereum’s total supply.

Bitmine Immersion Technologies has filed a preliminary prospectus with the U.S. Securities and Exchange Commission for a new preferred stock offering as it continues to expand its Ethereum treasury strategy.

According to the SEC filing dated Thursday, Bitmine plans to offer 3 million shares of its 9.50% Series A Perpetual Preferred Stock. Each share will have a stated amount of $100 and an initial liquidation preference of $100. The company has applied to list the preferred shares on the New York Stock Exchange under the ticker “BMNP.” If approved, trading is expected to begin within 30 days of the shares’ first issuance.

Largest Ethereum Treasury Company Bitmine Plans 3 Million Shares of 9.50% Perpetual Preferred Stock, Proceeds May Be Used to Acquire Additional ETH

Bitmine Immersion Technologies announced a proposed offering of 3 million shares of 9.50% Series A Perpetual Preferred Stock. The… pic.twitter.com/2GBeKEzQJW

— Wu Blockchain (@WuBlockchain) June 3, 2026

The filing comes as Bitmine continues to grow its Ethereum holdings. Bitmine now holds 5.42 million ETH. The company’s total crypto, cash, and strategic holdings stand at about $11.6 billion.

Bitmine May Use Funds to Buy More ETH

Bitmine said it may use the net proceeds from the offering for general corporate purposes. These may include buying more ETH and other digital assets, expanding staking and validator infrastructure, funding working capital, making Ethereum-related investments, and repurchasing common stock. The filing does not give a final proceeds figure because the offering price and some expenses have not yet been finalized.

Preferred stock is different from common stock. It usually gives holders priority over common shareholders for dividends and liquidation payments. Bitmine said its Series A Preferred Stock will not convert into common stock or any other securities. The preferred shares will carry cumulative dividends at an annual rate of 9.50% on the $100 stated amount. The company expects to pay these dividends in cash on a weekly basis, when and if approved by its board.

Ethereum Remains the Main Focus

Bitmine has shifted its business from mainly mining and hosting services to Ethereum accumulation, staking, and digital asset management. The company said this change began in the third calendar quarter of the previous year.

Its latest holdings show how central Ethereum has become to the company’s strategy. The 5.42 million ETH position represents about 4.49% of Ethereum’s total supply, based on a total supply of about 120.7 million ETH. Bitmine said it is now about 90% of the way toward its long-term target of holding 5% of the total ETH supply.

The company also stakes a large part of its ETH. According to the latest update, Bitmine had 4,718,677 ETH staked. Staking allows the company to earn rewards while helping support Ethereum’s network operations.

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BitMine provided its latest holdings update for May 26, 2026
$12.3 billion in total crypto + "moonshots":
– 5,416,901 ETH at $2,003 per ETH per ETH (per @coinbase)
– 203 Bitcoin (BTC)
– $200 million stake in Beast…

— Bitmine (NYSE-BMNR) $ETH (@BitMNR) June 1, 2026

MAVAN Supports Bitmine’s Staking Plan

Bitmine’s staking strategy is supported by MAVAN, its Made in America Validator Network. The company launched MAVAN on March 25 to support its own ETH treasury and serve institutional investors, custodians, and other Ethereum ecosystem partners.

The SEC filing said MAVAN is part of Bitmine’s wider plan to build a stronger Ethereum-focused business. The company may use part of the preferred stock offering proceeds to expand this validator infrastructure.

Moelis & Company LLC and Cantor Fitzgerald & Co. are acting as underwriters and joint lead bookrunners for the offering. The filing remains preliminary, so some details may still change before the final offering.