Key Highlights
- Bitmine plans to secure up to $300 million via a perpetual preferred stock issuance priced at $100 each
- Investors will receive a 9.5% yearly dividend distributed on a weekly basis, financed through Ethereum staking returns
- Trading will commence on the NYSE with ticker symbol BMNP
- The company controls more than 5.3 million ETH valued at approximately $10 billion, while facing close to $9 billion in paper losses
- This initiative replicates Strategy’s STRC preferred stock approach, which has expanded to $8.5 billion within nine months
Bitmine Immersion Technologies has unveiled plans for a $300 million preferred stock issuance as the company seeks alternative financing channels for its Ethereum accumulation strategy. This initiative adopts a framework previously popularized by Michael Saylor’s bitcoin-focused enterprise, Strategy.
In a Wednesday filing with the SEC, the firm disclosed its intention to offer 3 million Series A Perpetual Preferred Stock shares at $100 apiece. Trading on the New York Stock Exchange under ticker BMNP is expected to begin within 30 days following issuance.
Shareholders will collect a locked-in 9.5% annual return, translating to $9.50 per share annually, distributed through weekly payments. The company intends to finance these dividend obligations using income generated from its staked Ether portfolio.
Preferred securities occupy a middle ground between traditional equity and debt instruments. Holders receive consistent distributions instead of speculating purely on corporate expansion.
Strategy’s Blueprint Shapes Bitmine’s Approach
Strategy introduced its perpetual preferred offering, STRC, in July 2025. The instrument has ballooned to an $8.5 billion valuation, establishing it as the globe’s largest preferred stock by market capitalization.
Differing from Bitmine’s static 9.5% payout, STRC employs a floating rate mechanism that adjusts monthly to maintain pricing near the $100 threshold. According to Strategy president Phong Le, approximately 80% of STRC participants are individual investors.
Strive, another bitcoin treasury company, similarly rolled out dividend-generating preferred shares trading under ticker SATA, demonstrating the model’s expanding adoption throughout the industry.
Ethereum Holdings Face Mounting Challenges
Bitmine presently controls over 5.3 million ETH, representing roughly 4.5% of Ethereum’s entire circulating token supply. Management indicates the firm has achieved 90% completion of its “Alchemy of 5%” accumulation objective, accomplished in merely 11 months.
Based on prevailing market rates, this ETH stake carries an approximate $10 billion valuation. However, the organization is grappling with an estimated $9 billion in unrealized losses, as ETH has plummeted dramatically from approximately $5,000 levels reached in October.
Ethereum declined more than 12% during the previous seven-day period and touched a 14-month floor of $1,734 during Thursday’s early session.
Bitmine shares fell nearly 6% on Wednesday, settling at $16.90—marking the lowest valuation since the company transitioned to an Ethereum treasury model in June 2025.
Bitmine chairman Tom Lee stated Monday that ETH valuations fail to mirror what he perceives as strengthening fundamentals within the Ethereum ecosystem.
Funds raised through this offering will support general business operations, including additional ETH acquisitions, infrastructure expansion via its Made in America Validator Network, and common stock buyback initiatives.
The launch arrives during a challenging period for preferred stock instruments across the sector. Strategy’s STRC declined 5% beneath its $100 par value Wednesday, while Strive’s SATA retreated to approximately $97, as market participants express concerns regarding these companies’ capacity to maintain dividend commitments amid declining cryptocurrency valuations.
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