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Bitmine plans to emulate Strategy by issuing $3 billion perpetual preferred stock with a 9.5% annualized dividend yield.

2026.06.04 07:32:15

June 4 — Per a filing with the U.S. Securities and Exchange Commission (SEC), Bitmine Immersion Technologies announced the pricing of its offering of 3 million shares of 9.50% Series A Perpetual Preferred Stock, par value $100 per share, which will raise $300 million in gross proceeds. The preferred stock carries an initial liquidation preference of $100 per share, with future adjustments permitted under specified terms that will never reduce the preference below $100 per share. Annual dividends on the preferred stock accrue at a 9.5% rate and will be paid in cash on a weekly basis. Dividends are cumulative: even if the company does not declare a dividend or lacks sufficient distributable funds at any time, unpaid dividends will continue to accrue. Bitmine added that it may increase dividend frequency in the future, subject to market conditions, to provide investors with a steady source of cash income. Bitmine reserves the right to redeem the preferred stock early, with tiered pricing: within 18 months of issuance, redemption will be at 110% of par value; between 18 months and 3 years post-issuance, redemption price is 105% of par; after 3 years, shares can be redeemed at 100% of par. All redemptions will require additional payment for any accrued but unpaid dividends. The company also retains the right to fully redeem all outstanding preferred stock if remaining shares drop below 25% of the original issuance total, or in the event of specific tax-related events.
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