NORWALK, Conn., June 5, 2026 /PRNewswire/ -- Bitmine Immersion Technologies, Inc. (NYSE: BMNR) (the "Company") today announced the pricing of its upsized offering (the "offering") registered under the Securities Act of 1933, as amended (the "Securities Act"), on June 4, 2026 of 3,500,000 shares of 9.50% Series A Perpetual Preferred Stock (the "Series A Preferred Stock"), at a public offering price of $80.00 per share. This reflects an upsizing of the previously announced offering of 3,000,000 shares of Series A Preferred Stock. The issuance and sale of the Series A Preferred Stock are scheduled to settle on June 10, 2026, subject to customary closing conditions.
The Company estimates that the net proceeds it will receive from the offering will be approximately $273.8 million, after deducting the underwriting discounts and commissions and the Company's estimated offering expenses. The Company intends to use the net proceeds from the offering for general corporate purposes, which may include the acquisition of additional ETH and other digital assets, the expansion of the Company's staking and validator infrastructure, including through MAVAN; working capital; strategic investments aligned with the Ethereum ecosystem and broader digital asset adoption; and/or repurchases of the Company's common stock under its share repurchase program.
