BitMine Immersion Technologies, led by Fundstrat co-founder Tom Lee, has announced a $300 million preferred stock offering, using a strategy similar to those of major Bitcoin treasury firms.
The company will issue 3 million shares of its 9.5% Series A Perpetual Preferred Stock at $100 each, raising new capital to grow its Ethereum-focused treasury. If approved, the shares will trade on the New York Stock Exchange under the ticker BMNP.
The preferred shares will pay a 9.5% annual dividend, with payments made weekly if the board approves. This setup is like what companies like Strategy and Strive use, as more firms turn to preferred equity to fund digital asset purchases.
BitMine is now one of the biggest corporate holders of Ethereum, with over 5.3 million ETH, or about 4.5% of all Ethereum in circulation. However, its aggressive buying has led to large unrealized losses as Ethereum prices have dropped from earlier highs.
Even with these paper losses, BitMine remains confident in Ethereum’s long-term future. The company thinks staking rewards and future price gains can balance out today’s volatility and support its overall treasury plan.
A large part of the money raised may go toward growing MAVAN, BitMine’s staking platform for institutions. The company already stakes millions of ETH and earns regular returns from these holdings. Management sees staking as a key part of its long-term business, helping to generate cash flow while keeping exposure to Ethereum.
This offering is part of a wider trend in crypto, where public companies are treating digital assets as strategic reserves. Investors like the 9.5% dividend, but the strategy’s success will depend on how Ethereum performs and whether BitMine can keep growing its digital asset portfolio.
Largest Ethereum Treasury Company Bitmine Plans 3 Million Shares of 9.50% Perpetual Preferred Stock, Proceeds May Be Used to Acquire Additional ETH
Bitmine Immersion Technologies announced a proposed offering of 3 million shares of 9.50% Series A Perpetual Preferred Stock. The… pic.twitter.com/2GBeKEzQJW
— Wu Blockchain (@WuBlockchain) June 3, 2026
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