Bitmine Immersion Technologies revealed plans to issue a perpetual preferred stock offering valued at $300 million. The company will sell 3 million shares of its 9.5% Series A preferred stock at $100 per share, which will trade under the ticker symbol BMNP within a month of issuance. This financing move follows a model successfully implemented by Strategy, a Bitcoin treasury firm that launched a similar preferred stock product.
Preferred shares combine features of equity and debt, providing investors with fixed dividend payments rather than a direct stake in company growth. Bitmine commits to paying an annual dividend of $9.50 per share, distributed weekly, funded primarily through income generated by staking its Ether holdings. The offering proceeds will support general corporate activities, including purchasing additional Ether, expanding staking operations, bolstering the Made in America Validator Network (MAVAN), and repurchasing common stock.
Currently, Bitmine holds 4.49% of the total Ethereum supply, with 4.7 million Ether staked and valued at roughly $8.3 billion. Despite this sizable position, the company faces nearly $9 billion in unrealized losses on its Ether holdings amid volatile market conditions. Ethereum’s price recently dropped over 12% within a week, hitting a 14-month low near $1,734, intensifying pressure on Ether-focused investors.
Bitmine’s preferred stock contrasts with Strategy’s Stretch (STRC) perpetual preferred stock, which adjusts dividends via a variable rate to maintain price stability around $100 per share. Strategy’s STRC, launched in mid-2025, has become the world’s largest preferred stock by market capitalization, reaching $8.5 billion in nine months. Strategy’s CEO noted strong demand and liquidity, with most investors being retail participants.
The company’s chairman highlighted that current Ethereum prices do not fully reflect the protocol’s underlying improvements, suggesting that the crypto sector is still emerging from a challenging phase. Following the announcement, Bitmine’s common stock price declined nearly 6%, trailing its lowest levels since pivoting to Ethereum staking focus.