Key Highlights
- Bitmine Immersion Technologies announces perpetual preferred stock raise targeting $300 million at $100 per share
- Investors will receive a 9.5% annual dividend distributed on a weekly basis, backed by Ethereum staking rewards
- Trading will commence on NYSE under ticker symbol BMNP
- Company maintains a position exceeding 5.3 million ETH valued at approximately $10 billion, while facing roughly $9 billion in paper losses
- The initiative follows Strategy’s successful STRC preferred stock structure, 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 to support its Ethereum treasury operations. This strategic move draws inspiration from the approach pioneered by Michael Saylor’s bitcoin-focused enterprise, Strategy.
According to Wednesday’s SEC filing, the firm will issue 3 million Series A Perpetual Preferred Stock shares priced at $100 each. Trading is expected to begin on the New York Stock Exchange under the BMNP ticker within a month of the official issuance date.
Shareholders will receive a fixed 9.5% annual return, translating to $9.50 annually per share, distributed through weekly payments. The company intends to finance these dividend distributions using income generated from its staked Ether portfolio.
Preferred equity represents a hybrid investment instrument positioned between traditional common stock and bonds, offering investors consistent income streams instead of pure equity appreciation exposure.
Strategy’s Blueprint Shapes Bitmine’s Approach
Strategy introduced its perpetual preferred stock instrument, STRC, in July 2025. The offering has subsequently ballooned to an $8.5 billion market capitalization, establishing itself as the world’s largest preferred stock by this metric.
While Bitmine opts for a fixed 9.5% dividend rate, STRC employs a floating rate mechanism that adjusts monthly to maintain its price near the $100 par value. According to Strategy president Phong Le, approximately 80% of STRC shareholders are individual retail participants.
Strive, another bitcoin treasury company, has similarly launched dividend-yielding preferred shares trading under the SATA ticker, demonstrating the growing adoption of this financing model throughout the cryptocurrency corporate sector.
Ethereum Holdings Face Significant Market Headwinds
Bitmine presently controls over 5.3 million ETH tokens, representing approximately 4.5% of Ethereum’s entire circulating supply. Management reports achieving 90% completion of its “Alchemy of 5%” accumulation objective within just 11 months.
Based on prevailing market prices, this Ethereum position carries an estimated value of $10 billion. However, the company confronts approximately $9 billion in unrealized losses, as ETH has plummeted substantially from the $5,000 level observed in October.
Ethereum declined more than 12% over the previous seven-day period and touched a 14-month nadir of $1,734 during Thursday’s early trading session.
Bitmine’s common stock retreated nearly 6% on Wednesday to $16.90, marking its lowest valuation since the company transitioned to an Ethereum treasury-focused strategy in June 2025.
Bitmine chairman Tom Lee stated Monday that current ETH valuations fail to reflect what he characterizes as strengthening fundamentals for the Ethereum network ecosystem.
Capital raised through this offering will be allocated toward general corporate objectives, encompassing additional ETH acquisitions, expansion of staking capabilities via its Made in America Validator Network initiative, and common stock buyback programs.
The launch arrives during a challenging period for preferred stock instruments across the sector. Strategy’s STRC traded 5% below its $100 par value on Wednesday, while Strive’s SATA declined to approximately $97, as market participants express concerns regarding these companies’ ability to maintain dividend obligations amid declining cryptocurrency valuations.
