NEW YORK, June 5, 2026, 17:05 EDT
BitMine Immersion Technologies dropped nearly 11% Friday after the company priced a larger preferred stock deal. The new cash goes to support its treasury plan focused on Ethereum. The move comes as crypto stocks face a rough patch.
The stock was last at $15.90, off $2.00, with more than 62 million shares changing hands. Ether dropped around 9% to about $1,611. Bitcoin slipped to just above $61,807, pressing shares in companies that trade like stand-ins for digital-asset prices.
BitMine is in focus as it turns to a Wall Street income product to raise cash for its ETH-focused balance sheet plan. The company’s common stock is starting to look like more than just a bet on mining—it’s become a leveraged play on whether enough investors are still willing to back crypto treasuries in volatile conditions.
BitMine raised its Series A Perpetual Preferred Stock offering to 3.5 million shares, pricing them at $80 each, after initially planning to sell 3 million. The company is looking for about $273.8 million in net proceeds. Settlement is set for June 10, pending closing. PR Newswire
BitMine’s preferred stock comes with a 9.50% annual dividend rate on a $100 par value, paid weekly in cash if declared by the board. The security is perpetual, so there’s no maturity date. Preferred stock usually gets paid before common shares when it comes to dividends, but sits behind debt. BitMine has filed to list the preferred on the NYSE as BMNP.
The company said it might use the money to buy more ETH or other digital assets, boost staking and validator operations, back working capital, look at strategic investments, or buy back common stock. Staking in this case means locking up ETH to support the Ethereum network and collect rewards. Validators are computers that confirm and process transactions.
BitMine reported Monday it had 5,416,901 ETH, or 4.49% of all ETH, along with cash and other assets. Chairman Thomas “Tom” Lee said at the time, “ETH prices are not reflecting the strengthening of Ethereum fundamentals,” adding that BitMine was on track to hit its 5% ETH supply goal “sometime in 2026.” PR Newswire
BitMine’s latest offering puts it in the middle of a broader test for digital-asset treasury firms. CoinDesk said this week that BitMine has taken a similar financing route as Strategy, Michael Saylor’s bitcoin-focused shop, and Strive. Both of those raised money for crypto bets through dividend-paying preferred shares. CoinDesk
Bitcoin slid this week and was on track for its biggest weekly loss since late 2022, according to Reuters, with investors favoring AI stocks and recent big IPOs instead. “It is instructive to see how assets can struggle as they move from being the flavour of the month to being suddenly out of fashion,” said Mark Dowding, fixed-income CIO at RBC BlueBay Asset Management. Reuters
The structure could be hit if ETH drops more, staking returns fall short, or credit dries up. In its prospectus, BitMine warned about swings in ETH and BTC prices, issues with custody and staking, possible changes in regulation, tough funding conditions, and not having enough money to pay dividends on the preferred shares.
Common shareholders are focused on a few things right now: if the preferred share deal gets done, where BMNP trades compared to its set value when it lists, and if the added dividend load looks like a cheap way to get more ETH, or just a new demand on cash if the market drops.
