Bitmine Launches $300M Preferred Stock Offering With 9.5% Yield, Copying Strategy’s Playbook

TLDR

• Bitmine is raising up to $300 million through a perpetual preferred stock offering at $100 per share
• The shares carry a 9.5% annual dividend, paid weekly, funded by Ether staking revenue
• The stock will trade on the NYSE under the ticker BMNP
• Bitmine holds over 5.3 million ETH worth roughly $10 billion, but sits on an estimated $9 billion unrealized loss
• The move mirrors Strategy’s STRC preferred stock model, which has grown to $8.5 billion in nine months

Bitmine Immersion Technologies is launching a $300 million preferred stock offering as it looks for new ways to fund its Ethereum treasury strategy. The offering follows a model made popular by Michael Saylor’s bitcoin company, Strategy.

The company filed with the SEC on Wednesday, announcing 3 million shares of its Series A Perpetual Preferred Stock at $100 per share. The shares will trade on the New York Stock Exchange under the ticker BMNP within 30 days of issuance.

Each share pays a fixed 9.5% annual dividend, amounting to $9.50 per share per year, paid out weekly. Bitmine plans to fund those dividends using revenue from its staked Ether holdings.

Preferred shares sit between stocks and bonds. Investors receive regular payments rather than betting directly on the company’s growth.

How Strategy’s Model Inspired Bitmine

Strategy launched its own perpetual preferred stock, STRC, in July 2025. It has since grown to $8.5 billion in market cap, making it the largest preferred stock in the world by that measure.

Unlike Bitmine’s fixed 9.5% rate, STRC uses a variable rate adjusted monthly to keep its price near $100. Strategy president Phong Le said roughly 80% of STRC holders are retail investors.

Strive, another bitcoin treasury firm, also issued dividend-paying preferred stock under the ticker SATA, showing the model is spreading across the sector.

Bitmine’s Ethereum Position Under Pressure

Bitmine currently holds more than 5.3 million ETH, which equals about 4.5% of Ethereum’s total circulating supply. The company says it is 90% of the way to its “Alchemy of 5%” accumulation target, reached in just 11 months.

At current prices, that ETH is worth roughly $10 billion. But the company is sitting on an estimated $9 billion in unrealized losses, as ETH has dropped sharply from around $5,000 in October.

Ether fell more than 12% in the past seven days and hit a 14-month low of $1,734 in early trading Thursday.

Bitmine’s stock dropped nearly 6% on Wednesday to $16.90, its lowest level since the company pivoted to an Ethereum treasury strategy in June 2025.

Bitmine chairman Tom Lee said on Monday that ETH prices are not reflecting what he sees as improving fundamentals for the Ethereum network.

The proceeds from the offering will go toward general corporate purposes, including buying more ETH, expanding staking infrastructure through its Made in America Validator Network, and repurchasing common stock.

The offering comes at a difficult time for the preferred stock model more broadly. Strategy’s STRC fell 5% below its $100 par value on Wednesday, and Strive’s SATA dropped to around $97, as investors question whether these firms can sustain dividend payments while crypto prices fall.

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