Bitmine Seeks $300M via Preferred Stock to Add to Ethereum Treasury

Bitmine Immersion Technologies has submitted a preliminary prospectus supplement for a $300 million offering of 9.50% Series A Perpetual Preferred Stock, aiming to fund additional Ethereum purchases and build out validator capacity. The deal comprises 3 million shares priced at $100 each and is expected to trade on the NYSE under the symbol BMNP. Moelis and Company and Cantor are acting as joint lead bookrunners. The filing comes as Ethereum prices weaken. ETH has fallen more than 10% over the past week and recently traded around $1,800. Terms of the Series A Preferred The preferred stock carries a fixed 9.50% annual dividend based on the $100 stated amount, paid weekly in arrears and in cash. The company expects dividends to be supported primarily by ETH staking yield and options income. Redemption terms are tiered: 110% of the stated amount if redeemed within the first 18 months, 105% in years two to three, and 100% after three years. Voting rights are limited, but if dividends go unpaid for 12 months, holders gain the right to elect one board director; a second director may be elected after 18 months of missed dividends. Ethereum Holdings and Staking Economics Bitmine says it is the world's largest corporate holder of Ethereum. It holds 5,416,901 ETH valued at more than $10 billion, representing 4.49% of circulating ETH. The company's long-term target is to own about 5% of total ETH supply. As of May 25, roughly 4.7 million ETH—about 87% of its holdings and 3.9% of total ETH supply—were staked through MAVAN (Made in America Validator Network), which the company says it launched in March 2026. Bitmine projects annualized staking revenue of about $276 million from that activity. It also reported $24 million in ETH option premium income in the most recent quarter. Use of Proceeds Bitmine plans to allocate net proceeds primarily to: - Buying additional ETH and other digital assets - Expanding MAVAN staking and validator infrastructure - Working capital and strategic investments tied to the Ethereum ecosystem - Potential repurchases of common stock The structure reflects a broader playbook among crypto treasury firms: using preferred stock to raise capital for digital-asset accumulation while limiting common equity dilution at prevailing market prices. Disclaimer: This content is provided for informational and educational purposes only and does not constitute financial advice. Readers should use caution and conduct their own due diligence before taking action related to the company.