Bitmine Seeks to Raise Funds With 9.5% Preferred Stock Offering to Expand Ethereum Strategy

Ethereum treasury firm Bitmine has filed with the U.S. Securities and Exchange Commission (SEC) to conduct a public offering of 3 million shares of 9.50% Series A Perpetual Preferred Stock, with proceeds earmarked for corporate needs and Ethereum-focused growth. In its filing, Bitmine said net proceeds may be used for general corporate purposes, including buying additional ETH and other digital assets, expanding staking and validator capabilities through its MAVAN platform, funding working capital, pursuing strategic investments linked to the Ethereum ecosystem and broader digital-asset adoption, and potentially repurchasing common shares under an existing buyback program. The preferred shares will pay cumulative dividends at a fixed annual rate of 9.50%, calculated on a stated value of $100 per share, payable in cash when declared by the board. If a declared dividend is not paid on time, additional dividends will compound weekly and the rate will step up over time to a maximum of 15% per year until all arrears are paid. Bitmine has applied to list the preferred shares on the New York Stock Exchange under the ticker "BMNP". If approved, trading is expected to begin within 30 days of the initial issuance. The company noted its listing approach is modeled on Strategy's STRC perpetual preferred stock, which offers an 11.5% dividend and has drawn investors seeking monthly income with indirect exposure to Bitcoin. Strategy raised about $2.52 billion in STRC's initial public offering in July 2025, later expanding the program through follow-on issuances. STRC's total notional amount is estimated at roughly $10.5 billion. Bitmine said its Ethereum holdings have climbed to 5.42 million ETH, representing about 90% of its stated goal to own 5% of all ETH. It added that 4.72 million ETH are staked, with a portion secured via the MAVAN staking platform. Positioning itself as one of the most active buyers in the sector, Bitmine says it holds the largest ETH treasury and the second-largest crypto treasury overall behind Strategy. Ethereum's decline of more than 45% year to date has pressured Ethereum treasury companies, and recent estimates suggest Bitmine is sitting on more than $10 billion in unrealized losses. Even so, Chairman and Fundstrat co-founder Tom Lee remains bullish on Ethereum, saying the bull market has ended and "crypto spring" is beginning. The post "Bitmine Plans 9.5% Preferred Stock Plan to Fuel Its Ethereum Buying Spree" appeared first on CryptoPotato.