BitMine Immersion Technologies is rolling out a $300 million preferred stock offering — a bold test of market appetite for dividend-paying securities from firms that have doubled down on crypto treasuries.
In a Wednesday SEC filing, BitMine said it will offer 3 million shares of Series A Perpetual Preferred Stock at $100 apiece, carrying a 9.5% annual dividend. Dividends are expected to be paid in cash weekly, subject to board approval. The preferred shares are slated to list on the New York Stock Exchange under the symbol BMNP, pending listing approval. The company did not specify how it would deploy proceeds from the sale.
Why this matters: BitMine is using a capital-raising approach increasingly popular among crypto treasury companies — issuing dividend-bearing preferred equity to attract funding without new common shares or traditional debt. MicroStrategy (now Strategy) pioneered a similar model, and other digital-asset treasuries such as Strive and Metaplanet have followed suit as crypto prices stay under pressure.
BitMine’s preferred offering is closely tied to confidence in its core strategy: an aggressive Ethereum treasury. The filing shows the company holds more than 5.3 million ETH (about $10 billion at current prices), representing roughly 4.5% of Ethereum’s circulating supply. It also discloses an estimated $9 billion unrealized loss on that Ethereum position after ETH fell from roughly $5,000 to below $1,800 last October — a point that makes investor conviction in the preferred sale particularly consequential.
Key terms and investor protections:
- 3 million Series A Perpetual Preferred shares at $100 each ($300 million total).
- 9.5% annual dividend, expected weekly in cash (board approval required).
- Redemption rights allow BitMine to call shares at premiums that decline from 10% to 0% over time.
- Investors have repurchase rights if certain corporate changes occur.
Recent activity and balance-sheet snapshot: BitMine bought 26,497 ETH in the most recent week, bringing its total to about 5.42 million ETH and nudging it closer to a stated target of 5% of the total ETH supply. As of May 31, the company reported combined crypto, cash and “moonshot” holdings of $11.6 billion, including:
- 5,416,901 ETH
- 203 BTC
- $446 million cash
- $180 million stake in Beast Industries
- $93 million stake in Eightco Holdings
The timing of BitMine’s filing comes as Strategy’s preferred-equity approach faces fresh scrutiny — one of Strategy’s preferred issues, STRC, traded roughly 5% below its $100 par value on Wednesday — underscoring market sensitivity to this fundraising route. BitMine’s move will be watched as a gauge of investor faith in high-yield preferred stock tied to concentrated crypto treasuries, especially given the large unrealized losses on its Ethereum holdings.
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