Bitmine Immersion Technologies Announces Pricing of Upsized Series A Perpetual Preferred Stock Offering

About this update from Bitmine Immersion Technologies, Inc.

NORWALK, Conn., June 5, 2026 /PRNewswire/ -- Bitmine Immersion Technologies, Inc. (NYSE: BMNR) (the "Company") today announced the pricing of its upsized offering (the "offering") registered under the Securities Act of 1933, as amended (the "Securities Act"), on June 4, 2026 of 3,500,000 shares of 9.50% Series A Perpetual Preferred Stock (the "Series A Preferred Stock"), at a public offering price of $80.00 per share. This reflects an upsizing of the previously announced offering of 3,000,000 shares of Series A Preferred Stock. The issuance and sale of the Series A Preferred Stock are scheduled to settle on June 10, 2026, subject to customary closing conditions.The Company estimates that the net proceeds it will receive from the offering will be approximately $273.8 million, after deducting the underwriting discounts and commissions and the Company's estimated offering expenses. The Company intends to use the net proceeds from the offering for general corporate purposes, which may include the acquisition of additional ETH and other digital assets, the expansion of the Company's staking and validator infrastructure, including through MAVAN; working capital; strategic investments aligned with the Ethereum ecosystem and broader digital asset adoption; and/or repurchases of the Company's common stock under its share repurchase program.The Series A Preferred Stock will accumulate cumulative dividends at a fixed rate of 9.50% per annum on the stated amount, which is $100 per share of Series A Preferred Stock, regardless of whether or not declared or funds are legally available for their payment (the "stated amount"). Regular dividends on the Series A Preferred Stock will be payable when, as and if declared by the Company's board of directors, out of funds legally available for their payment, weekly in arrears; provided that the Company may in the future elect, in its sole discretion, to pay regular dividends more frequently. Declared regular dividends on the Series A Preferred Stock will be payable solely in cash. In the event that any accumulated regular dividend on the Series A Preferred Stock is not paid on the applicable regular dividend payment date, then additional regular dividends ("compounded dividends") will accumulate on the amount of such unpaid regular dividend, compounded weekly at the compounded dividend rate. The Company will have the flexi...

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