BitMine Immersion Technologies completed an upsized $280 million offering of 9.50% Series A Perpetual Preferred Stock in early June 2026. The company used the capital for its largest Ethereum purchase of the year. It also expanded its MAVAN staking infrastructure to pursue a 5% stake in the total Ethereum supply.
The company's stock fell 7.5% following the announcement of the expansion. This financing method increases fixed financial obligations while the common stock is down nearly 50% year-to-date. The aggressive Ethereum-first strategy heightens both execution and price risks for the firm.