BitMine Prices Upsized $274M Preferred Offering at $80 for ETH Buys

On June 5 BitMine priced an upsized 3.5 million share 9.5% perpetual preferred offering at $80, raising roughly $274 million net to buy more Ethereum and expand staking. The move follows the June 3 SEC filing for a $300 million raise and June 4 updates confirming the company already holds 5.42 million ETH (4.5% of supply) while targeting a 5% stake. ETH has fallen to near $1,650, leaving BitMine with over $8 billion in unrealized losses, yet staking yields are expected to cover the new dividend obligation. The deal mirrors MicroStrategy’s preferred-equity strategy and marks the first successful close of an ETH-focused treasury financing amid the multi-day price decline.