BitMine plans 9.50% perpetual preferred stock offering as ETH slides to lowest since February

BitMine Immersion Technologies is turning to a Strategy-style financing move, filing plans for a 9.50% perpetual preferred stock offering as it continues to build out its Ethereum reserves. In an SEC filing dated Wednesday, the Ethereum-focused firm said it intends to offer 3 million shares of Series A Perpetual Preferred Stock, with a stated amount of $100 per share. The preferred shares carry a 9.50% annual dividend rate, with dividends payable weekly in cash if declared by BitMine's board. BitMine said proceeds may be used for general corporate purposes, including additional purchases of ETH and other digital assets, expansion of staking and validator infrastructure through MAVAN, working capital, strategic investments across the Ethereum ecosystem, or potential common stock repurchases. The company has rapidly shifted from mining and hosting into an Ethereum treasury vehicle, a strategy that is increasingly pushing it into capital markets to fund growth. As of May 25, BitMine reported holdings of 5,390,404 ETH, up from 4,473,459 ETH at the end of February. It also disclosed 203 BTC, $444 million in cash, a $200 million stake in Beast Industries, and a $95 million stake in Eightco Holdings as part of its moonshot portfolio. BitMine's ETH position equals about 4.47% of Ethereum's 120.7 million token supply, placing the company about 89% of the way toward its stated goal of holding 5% of the network. The firm said it added 111,942 ETH over the past week and expects to reach the 5% target sometime in 2026. The filing arrives as ETH trades near $1,820, its lowest level since February, adding pressure on the Ethereum treasury strategy. BitMine is currently sitting on an estimated 47% drawdown on acquired ETH, translating to an unrealized paper loss of nearly $9 billion, according to Dropstab data.