Bitmine Launches 9.5% Preferred Stock Offering to Expand Ethereum Treasury Strategy

BitMine Immersion Technologies, the Ethereum treasury company chaired by Tom Lee, has announced a new preferred stock offering aimed at raising up to $300 million. The move reflects a growing trend among digital asset treasury firms seeking alternative funding sources as cryptocurrency markets remain under pressure.

According to a filing with the U.S. SEC, Bitmine plans to offer 3 million shares of its Series A Perpetual Preferred Stock. Each share will have a stated value of $100 and will pay a 9.5% annual dividend. Dividend payments are expected to be distributed weekly in cash if approved by the company’s board.

Preferred Shares to Trade on NYSE

The preferred stock is expected to trade on the New York Stock Exchange under the ticker symbol BMNP, pending approval. The company has also included redemption options that allow Bitmine to buy back the shares at premiums that gradually decrease over time.

Investors will also receive repurchase rights if significant corporate events occur.

Ethereum Holdings Remain a Key Focus

Bitmine has built one of the largest Ethereum treasury positions in the market. The company holds more than 5.3 million ETH, representing roughly 4.5% of Ethereum’s circulating supply.

However, the value of those holdings has come under pressure. Ethereum has fallen below $1,800 after trading near $5,000 in October, leaving Bitmine with an estimated unrealized loss of around $9 billion.

Digital Asset Treasury Firms Seek New Capital

The offering follows similar funding strategies used by major crypto treasury companies. As market volatility continues, firms are increasingly turning to preferred stock offerings and dividend-paying securities to secure fresh capital and support long-term digital asset investment strategies.