Bitmine Files $300 Million Preferred Stock Offering to Expand Ethereum Holdings and Staking Operations

MakeCryippreferred on

• Bitmine has filed with the SEC to offer 3 million shares of Series A perpetual preferred stock.
• The offering carries a 9.50% annual cumulative dividend paid weekly in arrears.
• Shares are expected to trade on the NYSE under the ticker BMNP.
• Proceeds may be used to acquire additional Ethereum (ETH) and expand staking activities.
• The move follows growing investor interest in crypto-linked preferred securities, including Strategy’s STRC program.

Bitmine Seeks Capital Through New Preferred Stock Offering

Bitmine, one of the largest corporate holders of Ethereum, has filed an application with the U.S. Securities and Exchange Commission to launch a public offering of its Series A perpetual preferred stock.

According to the filing submitted on Wednesday, the company plans to offer 3 million shares with a stated value of $100 per share, implying a potential offering size of approximately $300 million before underwriting and related expenses.

The preferred stock will carry a fixed cumulative dividend rate of 9.50% annually. Dividends will be payable weekly in arrears and distributed in cash when declared by the company. Bitmine stated that unpaid dividends will accrue compounded amounts beginning at an annualized rate of 9.55%. The rate will increase by five basis points for each applicable period, subject to a maximum rate of 15%.

The company has applied to list the preferred shares on the New York Stock Exchange under the ticker symbol BMNP. Trading is expected to begin within 30 days following the initial issuance. Moelis & Company and Cantor are serving as joint lead bookrunners for the transaction.

Funds May Support Additional ETH Purchases and Staking Expansion

Bitmine said net proceeds from the offering are expected to be used for general corporate purposes. These uses may include purchasing additional Ethereum and expanding the company’s staking operations. The filing comes as Bitmine continues to increase its exposure to Ethereum despite reporting significant unrealized losses on portions of its holdings.

On June 1, the company disclosed the acquisition of 26,497 ETH, increasing its total Ethereum reserves to 5,416,901 ETH. The latest purchase further strengthened Bitmine’s position as one of the largest Ethereum treasury-focused companies.

The new preferred stock issuance provides an additional financing avenue as the company continues to build its ETH treasury and generate yield through staking activities.

Crypto Treasury Firms Expand Preferred Stock Strategies

Bitmine’s proposed offering follows a financing model that has gained attention among digital asset treasury companies. The structure resembles Strategy’s STRC perpetual preferred stock program, which offers investors an 11.5% dividend rate while providing indirect exposure to bitcoin through the company’s treasury strategy.

Since its initial public offering in July 2025, Strategy’s STRC program has expanded through multiple follow-on issuances. The total notional value of outstanding STRC securities has grown to approximately $10.5 billion. Strategy sold 32 BTC for $2.5 million and ended May with 843,706 BTC holdings.

The continued expansion of crypto treasury companies and their use of preferred stock offerings highlights growing efforts to access capital markets while maintaining long-term exposure to digital assets. Bitmine’s latest filing represents another example of firms leveraging income-generating securities to fund cryptocurrency acquisition and staking strategies.

According to data from Dropstab, Bitmine’s Ethereum holdings are valued at approximately $18.4 billion. The company is currently carrying an estimated $9.2 billion in unrealized losses on those holdings. Despite the losses, Bitmine continues to expand its ETH treasury. The company recently disclosed additional Ethereum purchases and ongoing staking expansion plans.

Ethereum Drops 4.39% in 24 Hours

Ethereum (ETH) traded at approximately $1,792 at the time of writing, according to CoinMarketCap data at 05:19 AM UTC. The cryptocurrency was down 4.39% over the previous 24 hours, extending recent market weakness. During the period, ETH fell from around $1,841 before dropping below the $1,800 level. The asset experienced a sharp intraday sell-off before recovering part of its losses. Despite the rebound, Ethereum remained firmly in negative territory over the 24-hour timeframe.

Source: Bitmine Immersion Technologies