BitMine Adds $139M in ETH as BMNP Preferred Start Trading
BitMine added 76,881 ETH (~$139M) and closed a Series A preferred offering that raised nearly $274M. BMNP preferred shares begin trading Tuesday with a 9.5% annual dividend paid weekly.
BitMine Immersion Technologies added 76,881 ETH last week-about $139 million at recent prices-and completed a Series A preferred share offering that raised nearly $274 million. The new preferred shares, trading under the ticker BMNP, are set to begin trading Tuesday and carry a 9.5% annual dividend that the company plans to pay weekly.
The company plans to use the proceeds to acquire additional ETH, expand infrastructure, or repurchase common shares of BitMine (BMNR), subject to board approval and market conditions. The share placement closed last week.
In a statement, Chairman Tom Lee called the Series A preferred stock “good balance sheet diversification for BitMine” and pointed to projected staking rewards as a source of recurring cash flow to support the dividend. The company estimates current annualized staking rewards at about $219 million. The company disclosed that Lee is an investor in Dastan, the parent company of Decrypt.
After the purchase, BitMine’s Ethereum treasury exceeds 5.6 million ETH. The firm currently stakes more than 4.7 million ETH through its Made in America Validator Network (MAVAN), representing roughly $8.5 billion at recent prices. BitMine projects that staking its entire 5.6 million ETH would generate about $269 million in annualized staking revenue.
BitMine’s common shares (BMNR) rose more than 6.6% on Monday to about $17.18. The increase coincided with ETH rising nearly 9% in the prior 24 hours to roughly $1,811, and with Bitcoin trading above $65,000.
Despite the recent purchase and market gains, the company’s ETH holdings show large unrealized losses versus earlier acquisition costs. At current prices the treasury is worth more than $10.1 billion, while unrealized losses total nearly $9 billion. ETH remains well below its all-time high of $4,946 set last August.
The preferred offering creates a fixed-income–style instrument tied to staking cash flows and expands BitMine’s financing options. Company statements say the new capital will support further asset accumulation and operational expansion, and could be used for buybacks of common shares if approved by the board.
The transaction pairs additional ETH accumulation with a preferred-stock financing structure linked to staking revenue.
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