Bitmine Immersion Technologies Inc. (NYSE: BMNR) priced an upsized offering of 3.5 million shares of 9.50% Series A Perpetual Preferred Stock at $80 per share, the company announced. The offering was increased from the previously announced 3 million shares.

The company expects to receive approximately $273.8 million in net proceeds after deducting underwriting discounts and estimated expenses. The issuance is scheduled to settle on June 10, 2026, subject to customary closing conditions.

Bitmine Immersion plans to use the proceeds for general corporate purposes, including potential acquisition of ETH and other digital assets, expansion of staking and validator infrastructure through its MAVAN platform, working capital, strategic investments in the Ethereum ecosystem, and share repurchases under its existing program.

The preferred stock will pay cumulative dividends at 9.50% annually on a $100 stated amount per share. Regular dividends will be payable weekly when declared by the board of directors. The company has redemption rights at varying prices depending on timing, starting at 110% of stated amount in the first 18 months, 105% from 18 months to three years, and 100% thereafter.

The liquidation preference begins at $100 per share and will be adjusted daily based on trading prices, subject to a minimum of $100 per share. Holders have repurchase rights at stated amount plus accrued dividends in the event of a fundamental change.

The company has applied to list the Series A Preferred Stock on the New York Stock Exchange under symbol "BMNP." Trading is expected to commence within 30 days of issuance if listing approval is obtained.

Moelis & Company and Cantor are serving as joint lead bookrunners for the offering, which is being conducted under an effective shelf registration statement filed with the Securities and Exchange Commission.