The company plans to use the proceeds to buy more ETH, expand its staking and validator operations, and repurchase common stock. Bitmine currently holds approximately 4.7 million staked ETH, representing about 4.49% of Ethereum’s total supply. Bitmine Bets Bigger on Ethereum Bitmine Immersion Technologies is taking another big step in its Ethereum-focused treasury strategy by launching a $300 million perpetual preferred stock offering. This move is very similar to the financing methods that was popularized by Michael Saylor’s Strategy. The company revealed in a filing with the US Securities and Exchange Commission that it plans to issue 3 million shares of its 9.5% Series A perpetual preferred stock, which will trade under the ticker symbol BMNP within 30 days of issuance. The offering is designed to provide investors with a fixed-income style investment tied to Bitmine’s growing Ethereum treasury operations. Preferred stock occupies a middle ground between traditional stocks and bonds, allowing investors to receive regular dividend payments without directly participating in the company’s growth potential. Under the proposed structure, holders of BMNP shares will receive annual dividends of $9.50 for every $100 share owned, with payments distributed on a weekly basis. To fund these dividends, Bitmine plans to use revenue generated from staking Ethereum. This approach forms part of a growing trend among digital asset treasury firms that leverage blockchain-based yield generation to support investor returns. The strategy draws comparisons to Strategy’s STRC perpetual preferred stock, which launched in July of 2025. While Strategy’s product uses a variable dividend rate that is adjusted monthly to maintain a stable trading price around $100, Bitmine’s BMNP offering will provide a fixed 9.5% yield. Strategy’s preferred stock model has proven highly successful. According to company disclosures, STRC has grown into an $8.5 billion product in just nine months, making it the largest preferred stock by market capitalization globally. Bitmine intends to use the proceeds from the new offering for a variety of corporate purposes, including purchasing more ETH, expanding its staking and validator infrastructure through the Made in America Validator Network (MAVAN), and repurchasing common shares. The company has been aggressively accumulating Ethereum and recently announced that it controls approximately 4.49% of the total ETH supply. Management stated that it is already 90% of the way toward achieving its ambitious “Alchemy of 5%” target, which seeks to secure ownership of 5% of all ETH in circulation. The company currently holds approximately 4.7 million staked ETH valued at around $8.3 billion based on current market prices. However, recent market conditions have created some challenges. ETH experienced a lot of downward pressure , and declined more than 12% over the past week. Bitmine’s Ethereum holdings are currently associated with nearly $9 billion in unrealized losses. ETH’s price action over the past week (Source: CoinCodex) Despite the market downturn, Bitmine Chairman Tom Lee is still optimistic about Ethereum’s long-term prospects. He recently argued that Ethereum’s market price does not accurately reflect the network’s improving fundamentals and suggested that the cryptocurrency market remains in the early stages of a new growth cycle.
