ChainCatcher report, according to PR Newswire, Bitmine Immersion Technologies has priced its expanded Series A perpetual preferred stock offering at 3.5 million shares at $80 per share, with closing expected on June 10, generating net proceeds of approximately $273.8 million. The company stated that the proceeds will be used for general corporate purposes, including increasing holdings of ETH and other digital assets, expanding staking and validation infrastructure, advancing initiatives through MAVAN, working capital, strategic investments related to the Ethereum ecosystem and digital asset adoption, and common stock repurchases. The Series A preferred stock carries an annual dividend rate of 9.50%.
Bitmine Immersion Technologies Sets Price for Expanded Series A Preferred Share Offering, Raising $273.8M
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Summary
Bitmine Immersion Technologies has priced its expanded Series A perpetual preferred share offering at $80 per share, raising $273.8 million from 3.5 million shares. The digital asset market is responding to the move, with the company planning to use the funds for ETH purchases, staking infrastructure, and investments in the Ethereum ecosystem. The preferred shares offer a 9.50% annualized dividend. As the Fear & Greed Index reflects mixed sentiment, the offering underscores ongoing capital inflows into crypto infrastructure.
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