BitMine Immersion filed for $300M in 9.5% perpetual preferred stock to fund its Ethereum treasury, adopting Strategy’s STRC-style financing playbook while sitting on a $9.2B unrealized ETH loss.
Posted June 4, 2026 at 4:51 am EST.
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 ticker BMNP, expected to begin trading within 30 days of first issuance.
The structure follows the path Strategy (formerly MicroStrategy) pioneered for Bitcoin. Strategy’s STRC preferred carries an 11.5% dividend and has raised approximately $10.5 billion since its July 2025 IPO. Strive and Metaplanet have issued similar dividend-paying preferred shares as digital asset treasury companies search for capital while crypto prices remain under pressure. BitMine is led by Fundstrat co-founder Tom Lee and is now applying that financing model to the Ethereum treasury sector. Moelis & Company and Cantor are joint lead bookrunners.
This story is an excerpt from the Unchained Daily newsletter.
Subscribe here to get these updates in your email for free
The “so what” goes to the math behind the offering. BitMine holds approximately 5,416,901 ETH worth roughly $10 billion, representing about 4.5% of Ethereum’s circulating supply. Against a total invested capital of $18.83 billion, the company’s ETH position carries an estimated $9.2 billion unrealized loss as ETH has fallen from around $5,000 in October to below $1,800. The 9.5% dividend obligation will be funded primarily by staking yields generated through BitMine’s MAVAN validator platform. The gap between BitMine’s actual staking yield and the 9.5% dividend rate is the variable that determines whether BMNP becomes a reliable income vehicle or a structural drag on the treasury.
The redemption mechanics give BitMine flexibility.
The shares can be redeemed by the company at premiums of 110% of stated value in the first 18 months, 105% between 18 months and three years, and at par thereafter. Holders have repurchase rights if certain fundamental corporate changes occur. The preferred is non-convertible, meaning it does not dilute common shareholders into equity, only into the dividend obligation. Unpaid dividends accrue compounding penalties starting at the regular rate plus 5 basis points per week, capped at a maximum of 15%.
The timing matters. BitMine has been among the most aggressive Ethereum buyers in the sector, continuing to accumulate even as ETH’s value has dropped. The company also holds 203 BTC, a $200 million stake in Beast Industries, a $97 million stake in Eightco Holdings (Nasdaq: ORBS), and $446 million in cash, bringing the total treasury to roughly $12.3 billion as of May 26.
BMNR common stock has fallen nearly 50% from recent highs, putting additional pressure on equity-based capital raises. The preferred structure offers a path to fresh capital that doesn’t dilute common shareholders into equity, only into the dividend obligation.
The filing did not detail when the offering will close, but the dividend structure suggests BitMine is signaling confidence that ETH staking yields plus future price recovery will cover the 9.5% obligation over time. Whether investors agree is the question the offering itself will answer.
Related Listen: Is the Ethereum Foundation Too Out of Touch to Save ETH?
Business,bitmine,Ethereum treasury,preferred stock,tom lee,yahoobitmine,Ethereum treasury,preferred stock,tom lee,yahoo#BitMine #Files #Million #Preferred #Stock #Offering #Adapting #Strategys #Playbook #Ethereum #Treasury1780578805
