BitMine has announced plans to raise capital by issuing 3 million shares of 9.5% Series A perpetual preferred stock, potentially generating $300 million in fresh funds. This move targets public market investors to support the company’s Ethereum-centric strategy despite facing over $8 billion in unrealized losses due to recent price declines in ETH.
The preferred shares, which would trade on the New York Stock Exchange under the ticker BMNP if approved, carry an annual dividend obligation of approximately $28.5 million, payable weekly upon declaration. Moelis & Company and Cantor Fitzgerald are acting as joint lead bookrunners for the offering. The fresh capital intends to support a range of initiatives, including additional purchases of Ethereum and other digital assets, staking infrastructure expansion, working capital needs, strategic investments, and potential stock buybacks.
BitMine currently holds more than 5.3 million ETH, representing nearly 4.5% of the circulating supply. A substantial portion of these tokens is staked, enabling the company to earn ongoing protocol rewards. These staking revenues are crucial to BitMine’s financial model, differentiating it from Bitcoin-focused entities by generating yield without selling the underlying assets.
The company’s chairman emphasized that staking income underpins the attractiveness of the preferred stock’s 9.5% coupon. With annualized staking revenue reportedly in the hundreds of millions of dollars, the preferred dividend represents a relatively modest payout compared to the firm’s potential income streams under normal market conditions. This preferred stock offering signals a strategic effort to leverage staking yields to finance further asset accumulation even as ETH prices lag behind BitMine’s average purchase cost.
This capital raise illustrates the mounting pressure on Ethereum-based corporate treasuries amid volatile crypto markets. Yet, it also highlights the evolving business model where staking rewards help sustain operations and offer investors fixed income tied to Ethereum’s network performance. Industry data shows staking now accounts for a significant share of revenue among publicly traded Ethereum treasury firms, with reports indicating it represented about 60% of disclosed income in 2025 from firms tracked by staking provider Everstake.
By deepening its engagement with public markets through this preferred stock issuance, BitMine aims to strengthen its position as the largest publicly traded Ethereum treasury, continuing to accumulate ETH while navigating challenging market conditions. The company’s ability to balance unrealized losses with ongoing yield generation typifies the new dynamics shaping institutional crypto strategies.