BMNR BITMINE IMMERSION TECHNOLOGIES, INC.

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Executive Summary

Bitmine Immersion Technologies issued 3,500,000 shares of 9.50% Series A Perpetual Preferred Stock on June 10, 2026, raising capital via an underwritten public offering. The perpetual preferred carries a $100 stated amount, cumulative weekly dividends, and redemption features starting at 110% of par within 18 months. This capital infusion strengthens the common equity base and provides funding flexibility.

Actionable Insight

Key Facts

• Issued 3,500,000 shares of 9.50% Series A Perpetual Preferred Stock on June 10, 2026
• Liquidation preference of $100 per share, with potential adjustments tied to market prices on future issuance days
• Cumulative dividend rate of 9.50% per annum, paid weekly in arrears, compounding at up to 15% if unpaid
• Company may redeem at 110% of stated amount for first 18 months, stepping down to 100% after 3 years
• Holders get put rights upon a Fundamental Change at stated amount plus accrued dividends
• Dividend deferral triggers a 30-day period to sell common stock or digital assets to fund arrearages

Financial Impact

Up to $350 million in gross proceeds (3,500,000 shares × $100 stated amount), net of underwriting discounts and expenses

Risk Factors

• Dividend deferral risk: failure to pay triggers compounding at up to 15% and potential board representation by preferred holders
• Redemption at 110% in first 18 months caps upside for preferred investors if common stock rallies
• Liquidation preference can float upward with market price on future issuance days, increasing senior claims on common equity
• 30-day dividend deferral mechanism forces asset sales at potentially unfavorable prices

Market Snapshot

Documents Analyzed

This report is based on 6 SEC documents filed with EDGAR.

US Market Status