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 offering three million shares of its Series A Perpetual Preferred Stock at $100 per share.
The new stock carries a 9.5% annual dividend yield, paid weekly in cash if declared by the company’s board of directors.
The preferred stock will be listed on the New York Stock Exchange under the ticker symbol “BMNP,” providing investors a structured entry point into the Ethereum-focused firm.
The offering arrives as digital asset treasury firms face mounting pressure from a prolonged downturn in cryptocurrency prices and seek alternative funding methods to sustain operations.
Bitmine remains one of the most aggressive institutional buyers of Ethereum, having accumulated more than 5.3 million ETH worth roughly $10 billion U.S.
That holding represents approximately 4.5% of Ethereum’s total circulating supply, with the company maintaining a stated goal of reaching a 5% ownership threshold.
The timing of the offering is notable given that Bitmine is currently sitting on a $9 billion U.S. unrealized paper loss on its Ethereum holdings.
The price of ETH has fallen below $1,800 U.S., a sharp decline from nearly $5,000 U.S. last August, placing significant pressure on the company’s balance sheet.
The preferred stock structure is designed to provide Bitmine with fresh capital without requiring the company to liquidate any of its core Ethereum holdings during a period of depressed prices.
By mirroring a funding strategy pioneered by Strategy, Bitmine is signaling confidence that yield-focused investors will back the offering despite the volatility surrounding digital assets.
