Bitmine Pursues $300 Million Stock Sale to Buy Ethereum Amid $9.2 Billion Loss
New York, Friday, 5 June 2026.
Despite navigating a staggering $9.2 billion unrealized loss, Bitmine launched a $300 million stock offering this week, yielding 9.5%, to aggressively expand its Ethereum treasury.
A High-Stakes Bet on Ethereum Accumulation
Earlier this week, on June 3, 2026, Bitmine Immersion Technologies (NYSE: BMNR), led by Fundstrat co-founder Tom Lee, filed a prospectus supplement with the Securities and Exchange Commission to issue 3 million shares of Series A Perpetual Preferred Stock [1][4]. Priced at a par value of $100 per share, the offering is designed to raise $300 million in fresh capital [1][3]. The preferred shares carry a 9.5% annual dividend payable weekly in arrears, and the company has applied to list them on the New York Stock Exchange under the ticker BMNP [1][2][3]. Joint lead bookrunners Moelis & Company and Cantor Fitzgerald are managing the offering, which is expected to begin trading within 30 days of its initial issuance [alert! ‘Listing approval by the NYSE is still pending and the 30-day window extends beyond the current date of June 5, 2026’] [2][4].