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Bitmine Immersion Technologies plans to raise $300 million through a perpetual preferred stock offering as it expands its Ethereum treasury strategy. The company said the proceeds will buy more ETH, grow its staking and validator operations, and repurchase common stock. Bitmine now holds about 4.7 million staked ETH, equal to roughly 4.49% of Ethereum’s total supply.
The company filed the offering with the U.S. Securities and Exchange Commission. It plans to issue 3 million shares of its 9.5% Series. A perpetual preferred stock. The shares will trade under the ticker BMNP within 30 days of issuance. Bitmine designed the security as a fixed-income style product tied to its Ethereum treasury business.
Holders of BMNP shares will receive annual dividends of $9.50 for every $100 share owned. The company said it will distribute those payments every week.
The funding plan follows Bitmine’s wider push to build an Ethereum-centered balance sheet. The company said it will direct part of the proceeds toward more ETH purchases and additional staking capacity.
Bitmine also plans to expand its validator network through the Made in America Validator Network, or MAVAN. In addition, it wants to use part of the proceeds for common stock repurchases.
Can Bitmine keep scaling its Ethereum strategy while ETH remains under pressure? The company said it is already 90% of the way toward its “Alchemy of 5%” target, which aims to secure 5% of all ETH in circulation.
Ethereum traded near $1,777.96 on June 4 after falling 5.07% in 24 hours. Over seven days, the token lost 10.21% as the wider crypto market stayed weak. The decline pushed ETH below the $1,825 level watched by analyst Ali Martinez. He described that area as a critical floor that could shape the next major move.
Martinez said Ethereum had reached his $1,825 target after pulling back to the bottom of its channel. He added that a hold above that level could send ETH toward $2,070 or even $2,360.
Read More: ETH Outlook 2026: Can Ethereum Recover After Dropping Under $2,000?
A close below $1,825, he said, would weaken support and likely send ETH toward $1,500. ETH also traded in a 24-hour range between $1,734.05 and $1,886.55, showing buyers defended lower levels while sellers kept pressure on the chart.
Ethereum’s market cap stood near $215.14 billion, and 24-hour trading volume reached $25.76 billion. The token remained down 64.05% from its Aug. 24, 2025, all-time high of $4,946.05. Bitmine said its 4.7 million staked ETH carried a value of about $8.3 billion at current prices. The company also said those holdings face nearly $9 billion in unrealized losses. Meanwhile, it plans to use staking revenue to help fund the preferred stock dividends.
Bitmine Immersion Technologies is moving forward with a $300 million preferred stock offering to expand its Ethereum treasury strategy. The company plans to acquire more ETH, grow staking operations, and strengthen validator infrastructure while pursuing its goal of controlling 5% of Ethereum’s circulating supply amid ongoing market volatility.
