What is Bitmine Immersion Technologies (BMNR) doing with its new preferred stock offering?

Bitmine Immersion Technologies (BMNR) is launching a $300 million preferred stock offering to raise capital for its Ethereum treasury strategy. The company is issuing 3 million Series A Perpetual Preferred shares with a stated value of $100 each.

What dividend will Bitmine's BMNP preferred shares pay?

Bitmine's new BMNP preferred shares carry a 9.5% annual dividend rate. Dividends are expected to be paid weekly in cash if approved by the company's board of directors.

Why is Bitmine (BMNR) issuing preferred stock instead of common shares?

Preferred stock allows Bitmine to raise capital without immediately diluting common shareholders to the same extent as a traditional equity offering. It also broadens the company's investor base by attracting income-focused investors seeking dividend payments.

How does Bitmine's strategy compare with Michael Saylor's Strategy (MSTR)?

Bitmine is following a similar funding model to Strategy (MSTR), which has used preferred stock and other securities to finance its Bitcoin acquisitions. The approach gives crypto treasury companies additional funding options beyond common stock issuance and debt financing.

How much Ethereum does Bitmine (BMNR) currently own?

Bitmine has accumulated more than 5.3 million ETH, valued at roughly $10 billion based on the article. The company reportedly controls around 4.5% of Ethereum's circulating supply, making it one of the largest corporate Ethereum holders.

Is Bitmine's Ethereum investment currently profitable?

No. According to the report, Bitmine's Ethereum position is sitting on an estimated $9 billion unrealised loss after ETH fell below $1,800 from around $5,000 in October. Unrealised losses can reverse if Ethereum's price recovers, but they highlight the volatility of the strategy.

Why does Bitmine's preferred stock offering matter for Ethereum investors?

The offering shows that large crypto treasury firms are continuing to seek capital despite recent market weakness. If successful, the fundraising could provide additional resources for Bitmine's Ethereum-focused strategy and reinforce institutional demand for ETH.

What are the main risks of Bitmine's preferred stock strategy?

The biggest risks include continued declines in Ethereum's price, pressure on dividend payments and investor demand for the preferred shares. If crypto markets remain weak, maintaining attractive yields could become more challenging.

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Bitmine taps Saylor model with $300M yield offer

Written by Isaac FrancisPublished Jun. 4 2026Last Updated Jun. 4 2026

Bitmine Immersion Technologies is seeking to raise up to $300 million through a perpetual preferred stock offering carrying a 9.5% annual dividend as the Ethereum treasury company expands its funding options.

The company will issue 3 million Series A Perpetual Preferred Stock shares with a stated value of $100 each, according to a filing submitted to the US Securities and Exchange Commission.

The preferred shares, which are expected to trade on the New York Stock Exchange under the ticker BMNP subject to approval, will pay weekly cash dividends if declared by the company’s board.

Bitmine is following a funding strategy pioneered by Bitcoin treasury companies including Strategy and Strive, both of which have issued dividend-paying preferred securities to finance digital asset acquisitions.

The company has accumulated more than 5.3 million ETH valued at roughly $10 billion and controls about 4.5% of Ethereum’s circulating supply, though its position is reportedly carrying an estimated $9 billion unrealised loss following Ethereum’s decline from around $5,000 to below $1,800.

The preferred stock includes redemption provisions allowing Bitmine to repurchase shares at premiums ranging from 10% to 0% depending on timing, while investors will receive certain repurchase rights if major corporate events occur.

The launch comes as investors scrutinise the preferred equity model after Strategy’s STRC shares and Strive’s SATA shares traded below their respective par values amid concerns about dividend sustainability during the recent crypto market downturn.

At the time of reporting, Ethereum price was $1,818.53.