Track the company's ability to service the 9.50% weekly dividend — any deferral may trigger stock/digital asset sales for 30 days, creating selling pressure. Monitor use of proceeds; if deployed into revenue-generating assets, the incremental equity cushion could support common share valuation. The 'at-the-market' structure for future preferred issuances allows ongoing capital access, which may dilute the preferred conversion value but reinforces liquidity.
Price Chart
Executive Summary
Bitmine Immersion Technologies issued 3,500,000 shares of 9.50% Series A Perpetual Preferred Stock on June 10, 2026, raising capital via an underwritten public offering. The perpetual preferred carries a $100 stated amount, cumulative weekly dividends, and redemption features starting at 110% of par within 18 months. This capital infusion strengthens the common equity base and provides funding flexibility.
Key Facts
- Issued 3,500,000 shares of 9.50% Series A Perpetual Preferred Stock on June 10, 2026
- Liquidation preference of $100 per share, with potential adjustments tied to market prices on future issuance days
- Cumulative dividend rate of 9.50% per annum, paid weekly in arrears, compounding at up to 15% if unpaid
- Company may redeem at 110% of stated amount for first 18 months, stepping down to 100% after 3 years
- Holders get put rights upon a Fundamental Change at stated amount plus accrued dividends
- Dividend deferral triggers a 30-day period to sell common stock or digital assets to fund arrearages
Financial Impact
Up to $350 million in gross proceeds (3,500,000 shares × $100 stated amount), net of underwriting discounts and expenses
Risk Factors
- Dividend deferral risk: failure to pay triggers compounding at up to 15% and potential board representation by preferred holders
- Redemption at 110% in first 18 months caps upside for preferred investors if common stock rallies
- Liquidation preference can float upward with market price on future issuance days, increasing senior claims on common equity
- 30-day dividend deferral mechanism forces asset sales at potentially unfavorable prices
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001493152-26-028140 |
| Exhibit: ex5-1.htm | 0001493152-26-028140 |
| Document: form8-k.htm | 0001493152-26-028140 |
| Document: 0001493152-26-028140-index-headers.html | 0001493152-26-028140 |
| Document: 0001493152-26-028140-index.html | 0001493152-26-028140 |
| Document: 0001493152-26-028140.txt | 0001493152-26-028140 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 14, 2026 18d ago | 8-K | $25.76 $23.60 | ▼ −8.39% | ▼ −7.93% | $26.55 (+3.07%) |
Aug 31, 2026 4w ago | 8-K | $25.32 $23.37 | ▼ −7.70% | ▼ −7.01% | $26.55 (+4.86%) |
Aug 24, 2026 5w ago | 8-K | $24.14 $24.82 | ▲ +2.82% | ▲ +2.50% | $26.55 (+9.98%) |
Aug 17, 2026 6w ago | 8-K | $18.73 $18.28 | ▼ −2.40% | ▼ −1.73% | $26.55 (+41.75%) |
Aug 14, 2026 7w ago | 8-K | $18.08 $18.73 | ▲ +3.60% | ▲ +4.07% | $26.55 (+46.85%) |
Aug 10, 2026 7w ago | 8-K | $18.10 $18.09 | ▼ −0.06% | ▲ +0.26% | $26.55 (+46.69%) |
Aug 3, 2026 8w ago | 8-K | $17.42 $18.10 | ▲ +3.90% | ▲ +2.10% | $26.55 (+52.41%) |
Jul 27, 2026 9w ago | 8-K | $17.92 $17.57 | ▼ −1.95% | ▼ −2.19% | $26.55 (+48.16%) |
Jul 20, 2026 10w ago | 8-K | $16.63 $17.23 | ▲ +3.61% | ▲ +2.77% | $26.55 (+59.65%) |
Jul 16, 2026 11w ago | 8-K | $15.44 $15.69 | ▲ +1.62% | ▲ +2.61% | $26.55 (+71.96%) |
US Market Status
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