BitMine Files for $300 Million Preferred Stock Offering at 9.5%, Adapting Strategy's Playbook for Its Ethereum Treasury
The company is following Strategy’s financing model as crypto treasury firms seek fresh capital, with proceeds unspecified and dividends expected to be covered by staking yields.
- On Wednesday, BitMine Immersion Technologies filed to issue $300 million in perpetual preferred stock to fund its Ethereum treasury, while also purchasing $52 million worth of Ether.
- Adopting the financing playbook pioneered by Strategy, BitMine aims to hold 5% of the 120.6 million total circulating Ether tokens, a goal Chairman Tom Lee said the firm has pursued over roughly a year.
- The firm faces a $9.2 billion unrealized loss on its Ethereum holdings as prices slid below $1,800, while its new 9.5% preferred dividend exceeds its 3% to 5% staking yield, creating a funding gap.
- Shares of BitMine fell 5% on Friday as Ethereum's 7% crash deepened year-to-date losses, with the stock down 34% this year amid investor concerns about the treasury strategy.
- Chairman Tom Lee remains optimistic, arguing that the market's "mini crypto winter" has ended and projecting Ethereum's role will expand through AI-driven transactions despite current price volatility and the treasury's deep underwater position.
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BitMine Slides 5%, Strategy Falls 4% as Crypto Crash Deepens on Ethereum's 7% Plunge
Shares of Bitmine Immersion Technologies (NYSE:BMNR | BMNR Price Prediction) are down 5% to $16.91 in early Friday trading, while Strategy (NASDAQ:MSTR) is off 4% to $124.38. The slide tracks a fresh leg lower in crypto. Ethereum (CRYPTO:ETH) is down 7% over the past 24 hours to $1,665, dragging BMNR stock with it as the ... BitMine Slides 5%, Strategy Falls 4% as Crypto Crash Deepens on Ethereum’s 7% Plunge
Bitmine Immersion Technologies Announces Pricing of Upsized Series A Perpetual Preferred Stock Offering - BlockTelegraph
NORWALK, Conn., June 5, 2026 /PRNewswire/ — Bitmine Immersion Technologies, Inc. (NYSE: BMNR) (the “Company”) today announced the pricing of its upsized offering (the “offering”) registered under the Securities Act of 1933, as amended (the “Securities Act”), on June 4, 2026 of 3,500,000 shares of 9.50% Series A Perpetual Preferred Stock (the “Series A Preferred Stock”), at a public offering price of $80.00 per share. This reflects an upsizing of…
Bitmine Immersion Technologies (NYSE: BMNR) Launches $300mn Preferred Stock Despite MSTR's Decline
Ethereum treasury company Bitmine Immersion Technologies (NYSE: BMNR) is offering investors a 9.5% annual yield on a newly launched series of preferred stock. The company, led by Chairman Tom Lee, is borrowing a page from Strategy’s (NASDAQ: MSTR) playbook by launching a $300 million U.S. preferred stock offering targeting institutional and retail investors alike. According to a filing with the U.S. Securities and Exchange Commission, Bitmine is…
BitMine Files for $300 Million Preferred Stock Offering at 9.5%, Adapting Strategy's Playbook for Its Ethereum Treasury
BitMine Immersion Technologies (NYSE: BMNR), the largest corporate Ethereum treasury company, filed a preliminary prospectus with the SEC Wednesday to issue up to 3 million shares of Series A Perpetual Preferred Stock at a $100 stated value per share, targeting gross proceeds of up to $300 million. The preferred carries a 9.5% cumulative annual dividend paid weekly in cash, with shares applied to list on the New York Stock Exchange under the tic…
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