Bitmine increases perpetual preferred stock offering size, expects to raise $273.8 million

According to Odaily, Bitmine Immersion Technologies announced that it has increased its 9.50% Series A perpetual preferred stock offering to 3.5 million shares, with an issue price of $80 per share. The net proceeds are expected to be approximately $273.8 million, with the closing scheduled for June 10. The company intends to use the funds to increase its holdings of ETH and other digital assets, expand staking and validator infrastructure through its proprietary MAVAN network, support strategic investments related to the Ethereum ecosystem, and repurchase common shares.