Bitmine Immersion announced plans to offer 3 million shares of its new 9.50% Series A Perpetual Preferred Stock, weeks after its largest Ethereum purchase of 2026. The offering aims to fund the company's ETH accumulation strategy and support its expanded $4 billion stock repurchase program. Bitmine is pursuing a goal to own 5% of Ethereum's total supply through what Chairman Tom Lee calls the "Alchemy of 5%" strategy. The capital raise signals continued institutional commitment to Ethereum accumulation despite recent market volatility. As of May 31, the company held 5.42 million ETH worth approximately $10.8 billion, representing 4.49% of Ethereum's circulating supply.
Bitmine Offers 9.50% Preferred Stock to Fund ETH Purchases
According to the announcement, proceeds from the offering may be used for several purposes. These include acquiring additional ETH, expanding staking infrastructure, supporting working capital needs, and repurchasing common stock under the company's existing buyback program. The preferred shares will carry a fixed annual dividend yield of 9.50%. Dividends will be paid weekly in cash if declared by the board. The company also stated that unpaid dividends could compound over time, potentially increasing the effective yield under certain conditions.
Bitmine Holds 5.42 Million ETH as of May 31
As of May 31, the company held 5.42 million ETH worth approximately $10.8 billion. Those holdings represent about 4.49% of Ethereum's total supply. Chairman Tom Lee's Ethereum strategy remains centered on what he calls the "Alchemy of 5%," a plan to acquire 5% of all circulating ETH. Earlier this week, Lee said: "ETH prices are not reflecting the strengthening of Ethereum fundamentals." The company believes Ethereum continues to benefit from growing institutional adoption, tokenization trends, and increasing blockchain usage from artificial intelligence applications.
Company Launches MAVAN Validator Network
Bitmine recently launched MAVAN, short for Made-in America VAlidator Network. The platform currently supports billions of dollars worth of staked ETH. According to Bitmine, more than 4.7 million ETH are already staked through MAVAN and partner validators. Management estimates annual staking revenue could eventually approach $300 million if all holdings become fully deployed. This strategy allows the company to generate yield while maintaining long-term exposure to the Ethereum price.
Bitmine Applies for NYSE Listing Under Ticker BMNP
Bitmine has applied to list the preferred shares on the New York Stock Exchange under the ticker BMNP. The company's focus remains on buying ETH, expanding staking operations, and moving toward its ownership target of 5% of Ethereum's supply. For investors, the new preferred shares offer exposure to Bitmine's Ethereum strategy while providing a fixed yield. For developers, Bitmine's expanding validator infrastructure strengthens Ethereum's ecosystem through increased institutional staking.
FAQ
What did Bitmine Immersion announce regarding its preferred stock offering?
Bitmine Immersion announced plans to offer 3 million shares of its new 9.50% Series A Perpetual Preferred Stock. The offering comes weeks after the company's largest Ethereum purchase of 2026 and follows the expansion of its stock repurchase program to $4 billion. Proceeds may be used to acquire additional ETH, expand staking infrastructure, support working capital needs, and repurchase common stock.
How much Ethereum does Bitmine hold as of May 31?
As of May 31, Bitmine held 5.42 million ETH worth approximately $10.8 billion. Those holdings represent about 4.49% of Ethereum's total supply. The company is pursuing Chairman Tom Lee's "Alchemy of 5%" strategy, which aims to acquire 5% of all circulating ETH.
What is MAVAN and how much ETH is staked through it?
MAVAN stands for Made-in America VAlidator Network, a platform Bitmine recently launched to support staked ETH. According to Bitmine, more than 4.7 million ETH are already staked through MAVAN and partner validators. Management estimates annual staking revenue could eventually approach $300 million if all holdings become fully deployed.
