Bitmine Files $300M Perpetual Preferred at 9.5% Yield
Bitmine will offer 3 million $100 perpetual Series A preferred shares, paying a 9.5% annual dividend funded by income from its staked Ether and to trade as BMNP.
Bitmine Immersion Technologies filed with the SEC on Wednesday to offer 3 million perpetual Series A preferred shares at $100 each, a $300 million offering the company expects to trade under the symbol BMNP within 30 days of issuance. Each $100 share will pay a 9.5% annual dividend, equal to $9.50 per year, with distributions scheduled weekly.
The company plans to use income from its staked Ether to fund dividend payments. Perpetual preferred stock does not have a set maturity date and combines features of equity and debt by providing regular payments to investors rather than an ownership claim tied directly to company growth.
The financing follows an approach used by Strategy with its Stretch preferred offering. Strategy’s Stretch uses a variable rate and reached about $8.5 billion in market value within nine months of its launch. Phong Le, Strategy’s president and chief executive, described STRC as having ‘strong demand, high liquidity, and low volatility.’
Bitmine said net proceeds would be used for general corporate purposes, including buying additional Ether, expanding staking and validator infrastructure through its Made in America Validator Network (MAVAN), and repurchasing common stock. The company reported it owns 4.49% of total Ether supply and is about 90% of the way to its ‘Alchemy of 5%’ target; the campaign began roughly 11 months ago.
The firm reported 4.7 million staked Ether, valued at about $8.3 billion at current prices, and disclosed unrealized losses on that ETH of nearly $9 billion. Bitmine shifted its strategy toward Ether staking in June 2025.
Ether has fallen more than 12% over the past seven days to about $1,734, a 14-month low in early Thursday trading. Bitmine’s common stock dropped nearly 6% on Wednesday to $16.90, its lowest level since the company pivoted to Ethereum staking.
Bitmine chairman Tom Lee stated, ‘ETH prices are not reflecting the strengthening of Ethereum fundamentals, but then again, this is not surprising given we are in the early stages of crypto spring.’
The material on GNcrypto is intended solely for informational use and must not be regarded as financial advice. We make every effort to keep the content accurate and current, but we cannot warrant its precision, completeness, or reliability. GNcrypto does not take responsibility for any mistakes, omissions, or financial losses resulting from reliance on this information. Any actions you take based on this content are done at your own risk. Always conduct independent research and seek guidance from a qualified specialist. For further details, please review our Terms, Privacy Policy and Disclaimers.
Articles by this author
