BitMine Immersion Technologies Inc. (NYSE: $BMNR) priced an upsized preferred stock offering as Tom Lee’s Ethereum (CRYPTO: $ETH) treasury company looks for a new layer of capital while ETH and crypto treasury shares remain under pressure.

The company said it priced 3.5 million shares of 9.50% Series A Perpetual Preferred Stock at $80 per share, expanding a previously announced 3 million-share plan. The sale is expected to bring in about $273.8 million in net proceeds after fees, with settlement scheduled for June 10 pending customary conditions.

The preferred stock is designed to pay cumulative annual dividends at 9.50% on a $100 stated amount, with regular dividends payable weekly in cash if declared by BitMine’s board. The company has applied to list the securities on the New York Stock Exchange under BMNP, with trading expected within 30 days after issuance if approved.

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BitMine is positioning the raise as fuel for the next stage of its Ethereum treasury buildout. Proceeds may go toward additional ETH and digital asset purchases, MAVAN staking and validator infrastructure, working capital, Ethereum-aligned investments or common share repurchases.

That mix keeps BitMine close to the playbook used by Bitcoin treasury companies, where preferred shares have become a way to raise capital without immediately selling common stock. For BitMine, the structure puts a fixed dividend obligation beside a treasury strategy tied to Ethereum’s price, staking economics and institutional demand for public-market crypto exposure.

The offering arrives as Ethereum-focused treasury companies face a harder market than they did during last year’s rally. BitMine holds more than $8.6 billion of ETH, while BMNR shares recently traded near $16 after falling more than 40% this year.

BitMine now has a larger capital raise attached to its Ethereum strategy, but the next test is whether preferred-share funding can strengthen the treasury model without adding too much pressure.

BitMine Immersion Technologies (NYSE: BMNR) is trading at $16.00 U.S. per share.