Bitmine plans to follow Strategy's example and issue US$300 million in perpetual preferred stock annualized dividend of 9.5%

On June 4, according to filing documents filed with the US SEC, Bitmine Immersion Technologies announced the issuance of 3 million shares of 9.50% Series A perpetual preferred shares with a par value of US$100 per share, and is expected to raise a total of US$300 million. According to the terms of the issuance, the initial liquidation preference for this preferred stock is US$100 per share, which may be adjusted in accordance with relevant regulations in the future, but will not be less than US$100. The preferred stock will be paid a cumulative dividend at an annualized interest rate of 9.5%, and will be paid weekly in cash. Dividends will continue to accrue even if the company does not declare dividends or temporarily lacks distributable funds. Bitmine said that in the future, it can also increase the frequency of dividends according to circumstances to provide investors with a stable source of cash income. In addition, the company has early redemption rights. Bitmine can redeem preferred shares at a price of 110% of face value within 18 months after issuance; the redemption price is 105% of face value within 18 months to 3 years; after 3 years, it can be redeemed at 100% of face value. All redemptions are subject to additional payment of cumulative unpaid dividends. If the number of preferred shares outstanding falls below 25% of the total issuance, or a specific tax event occurs, the company also has the right to redeem the remaining preferred shares as a whole.