Bitmine has increased the size of its 9.5% perpetual preferred stock offering to 3.5 million shares.

Bitmine Immersion Technologies (NYSE: BMNR) announced an increase in the size of its 9.50% Series A perpetual preferred stock offering to 3.5 million shares at $80 per share, with expected net proceeds of approximately $273.8 million. The offering will close on June 10th. The preferred stock has a par value of $100 per share, a fixed annual interest rate of 9.5%, and is paid weekly in cash dividends. If dividends are not paid on time, they will accrue interest weekly, potentially reaching a maximum annual interest rate of 15%. The company plans to use the proceeds to increase its holdings of ETH and other digital assets, expand its staking and validator infrastructure through its proprietary MAVAN network, support strategic investments related to the Ethereum ecosystem, and repurchase its common stock. The preferred stock is planned to be listed on the NYSE under the ticker symbol "BMNP".