BitMine to Issue $300 Million in Shares to Purchase Ethereum

BitMine Immersion Technologies, the largest corporate holder of Ethereum, has filed with the U.S. Securities and Exchange Commission to publicly offer 3 million Series A perpetual preferred shares.

Each share will have a par value of $100, allowing the company to raise up to $300 million.

The preferred shares will carry a fixed cumulative dividend yield of 9.5% annually, paid weekly in cash.

BitMine intends to use the net proceeds for general corporate purposes, including:

• purchasing additional Ethereum and other digital assets;
• expanding staking and validation infrastructure, including MAVAN;
• increasing working capital;
• making strategic investments within the Ethereum ecosystem;
• potentially repurchasing common shares.

The company also reserves the right to redeem the preferred shares, in whole or in part, for cash. Redemption terms are:

• 110% of par value during the first 18 months;
• 105% between 18 months and three years;
• 100% after three years.

In all cases, accrued but unpaid dividends will be added to the redemption amount. Shareholders will also have the right to request redemption in the event of certain fundamental corporate changes.

BitMine has applied to list the shares on the NYSE under the ticker symbol BMNP. Trading is expected to begin within 30 days of issuance.

The offering's joint bookrunners are Moelis & Company and Cantor.

See also: "Microsoft Discovers New Trojan That Steals Cryptocurrency Wallet Credentials"

#Buy #BitMine #Shares #Ethereum (ETH)

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