Bitmine Launches $300M Preferred Stock Offering for Ethereum

Ethereum treasury company Bitmine Immersion Technologies is offering a $300 million perpetual preferred stock offering, borrowing from the strategic financing playbook.

bitumen They spoke The SEC plans on Wednesday to offer 3 million perpetual preferred shares of the 9.5% Series A at $100 each, which will trade within 30 days under the symbol BMNP.

Preferred stocks are a mix of stocks and bonds. Investors are not betting directly on the company's growth, but lending the money for regular payments. For every $100 share, Bitmine pays a weekly dividend of $9.50.

The firm plans to use the proceeds from the holdings of Ether (ETH) to pay the dividend, similar to what Michael Saylor's Bitcoin Treasury Company offered. Strategy.

Strategy has launched the Stretch (STRC) perpetual preferred stock through July 2025. Unlike Bitmine's BMNP, which has a fixed rate, STRC uses a variable rate that adjusts monthly to keep the trading price stable around $100.

STRC grew to $8.5 billion in nine months and is now the largest preferred stock in the world by market value. basis to May SEC filing.

“The digital credit highlighted by STRC is a great success. STRC has demonstrated strong demand, high liquidity and low volatility,” said Fong Le, president and CEO of Strategy.

In March, 80% of STRC owners were retail investors, Le said.

Related: 80% of Strategy ‘Stretch' buyers are mom and pop investors.

Bitmine's annual stock earnings per week. Source: SEC

Bitmin said the net proceeds from the offering will be used for general corporate purposes, including purchasing more Ether, expanding through the Made in America Validation Network (MAVAN) and buying back common stock.

bitumen announced As of Monday, he currently owns 4.49% of the total ETH supply and is 90% of the “Alchemy of 5%” plan in 11 months.

The company owns 4.7 million shares of Ether, which is currently worth around $8.3 billion. however, Unexpected losses There are about nine billion dollars on that ETH.

The perpetual stock offering comes at a difficult time for Ether investors, with the asset falling more than 12% over the past seven days to a 14-month low of $1,734 in early trading Thursday.

“In our view, ETH prices do not reflect the strengthening of Ethereum fundamentals, but again, this is not surprising since we are in the early stages of the crypto spring.” he said. Bitmine Chairman Tom Lee on Monday.

Bitmine shares fell nearly 6% to $16.90 on Wednesday, the lowest level since Ethereum's arrival in June 2025. basis To Google Finance.

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