Bitmine Unveils $300M Preferred Stock Raise to Expand Ethereum Holdings Amid ETH Slump
Bitmine Immersion Technologies is moving forward with a $300 million capital raise through a new perpetual preferred stock offering, adopting a financing strategy that has gained traction among crypto treasury firms.
According to a filing submitted to the U.S. Securities and Exchange Commission on Wednesday, the company plans to issue 3 million shares of its 9.5% Series A perpetual preferred stock at $100 per share. The securities are expected to begin trading under the ticker BMNP within a month of issuance.
The preferred shares are designed to provide investors with regular income rather than direct exposure to the company's growth prospects. Holders will receive weekly dividend payments equivalent to an annual return of $9.50 per share.
Bitmine intends to fund those dividends using revenue generated from its staked Ether holdings. The approach mirrors financing structures popularized by Bitcoin treasury firms, particularly Strategy, which introduced its own perpetual preferred stock product, STRC, in 2025.
While Strategy's offering uses a variable dividend rate to maintain a stable trading price, Bitmine's BMNP shares will feature a fixed 9.5% annual yield. Strategy's preferred stock program has rapidly expanded, reaching an $8.5 billion market capitalization within months of launch.
Proceeds from Bitmine's latest fundraising effort will support a range of corporate initiatives, including acquiring additional Ether, expanding staking and validator operations through its Made in America Validator Network (MAVAN), and repurchasing common shares.
The company recently disclosed that it controls approximately 4.49% of Ethereum's circulating supply, placing it close to its long-term objective of holding 5% of all ETH in existence. Bitmine currently holds around 4.7 million staked Ether valued at roughly $8.3 billion, although the recent market downturn has left the position significantly below its acquisition value.
The announcement arrives during a difficult stretch for Ethereum investors. Ether dropped more than 12% over the past week and briefly fell below $1,750 on Thursday, marking its lowest level in roughly 14 months.
Despite the decline, Bitmine leadership remains optimistic about Ethereum's outlook. Chairman Tom Lee recently argued that the asset's market price fails to reflect the network's improving fundamentals and suggested the broader digital asset market remains in the early stages of a new growth cycle.
Investor sentiment toward Bitmine has also weakened alongside Ether's decline. Shares of the company fell nearly 6% on Wednesday to $16.90, their lowest level since Bitmine shifted its primary treasury strategy toward Ethereum in mid-2025.