BitMine Plans $300M Preferred Stock Offering With 9.5% Dividend

BitMine Immersion Technologies (BMNR), an Ethereum treasury company led by Fundstrat cofounder Tom Lee, is turning to a Strategy-style financing approach with a $300 million preferred stock raise as crypto treasury firms look for fresh funding options. In a filing submitted Wednesday to the U.S. Securities and Exchange Commission (SEC), BitMine said it plans to offer 3 million shares of Series A Perpetual Preferred Stock at a stated value of $100 per share. The securities carry a 9.5% annual dividend rate, with dividends paid weekly in cash if declared by the company's board. BitMine said the preferred shares are expected to list on the New York Stock Exchange (NYSE) under the ticker BMNP, subject to approval. The move comes as digital-asset treasury companies face renewed pressure from the decline in crypto prices and seek alternative sources of capital. Strategy (MSTR), the largest corporate holder of bitcoin, has introduced multiple classes of preferred equity, while peers such as Strive (ASST) and Metaplanet have also issued dividend-paying preferred shares. BitMine said it intends to apply a similar playbook to its Ethereum-focused treasury strategy. BitMine has been among the sector's most aggressive buyers, amassing more than 5.3 million ETH valued at roughly $10 billion and, over the past year, controlling about 4.5% of Ethereum's circulating supply. The position is estimated to be carrying about $9 billion in unrealized losses after ETH fell below $1,800 from around $5,000 in October. The preferred shares can be redeemed by the company at premiums ranging from 10% to 0%, depending on the timing of the redemption. Investors also receive repurchase rights if certain fundamental corporate changes occur. The filing did not disclose how BitMine plans to use the proceeds. The timing stands out as scrutiny grows around Strategy's preferred-equity funding model. Strategy's STRC preferred shares traded 5% below their $100 par value on Wednesday as investors weigh whether the company can comfortably sustain dividend payments amid falling bitcoin prices.