Bitmine Immersion Technologies is seeking to raise $300 million through a new preferred stock offering as the company accelerates its strategy to build one of the largest corporate Ethereum treasuries in the world.
Key Takeaways
- Bitmine plans to raise $300 million through a 9.50% Series A Perpetual Preferred Stock offering.
- The company intends to use the proceeds to purchase more ETH, expand staking infrastructure, fund strategic investments, and support share buybacks.
- Bitmine currently holds more than 5.4 million ETH, representing roughly 4.5% of Ethereum’s circulating supply.
- The offering follows a structure similar to preferred stock products launched by Bitcoin treasury firms such as Strategy.
What Happened?
Bitmine Immersion Technologies announced plans to issue 3 million shares of its 9.50% Series A Perpetual Preferred Stock, each carrying a face value of $100. The offering could raise up to $300 million, providing fresh capital for the company’s expanding Ethereum-focused treasury strategy.
The preferred shares are expected to trade on the New York Stock Exchange under the ticker BMNP, with trading anticipated to begin within about 30 days of issuance, subject to regulatory approvals and market conditions.
🚨LATEST: BITMINE FILES FOR PREFERRED STOCK OFFERING WITH A 9.5% YIELD
— Coin Bureau (@coinbureau) June 4, 2026
Bitmine is raising fresh capital just weeks after its largest ETH purchase of 2026, edging closer to its goal of owning 5% of Ethereum’s supply.
The company recently expanded its buyback program to $4… pic.twitter.com/oOsjQA8SeS
Bitmine Expands Its Ethereum Treasury Strategy
The latest fundraising effort highlights Bitmine’s commitment to Ethereum accumulation. As of May 31, 2026, the company reported holdings of approximately 5,416,901 ETH, giving it ownership of nearly 4.49% of Ethereum’s circulating supply.
Bitmine has repeatedly emphasized its long term objective known as the “Alchemy of 5%” strategy, which aims to accumulate roughly 5% of all ETH in circulation. According to the company, it is already close to reaching that milestone after building its position over the past year.
In addition to its Ethereum holdings, Bitmine also holds Bitcoin, cash reserves, and strategic equity investments. Combined, these assets represent billions of dollars in value on the company’s balance sheet.
Preferred Stock Offers Weekly Dividend Payments
Under the terms of the offering, investors will receive a fixed 9.50% annual dividend, paid weekly in cash when declared by the company’s board.
The preferred shares include cumulative dividend protection. If a dividend payment is missed, the unpaid amount will compound at progressively higher rates, with the annual rate eventually reaching a maximum of approximately 15%.
Bitmine also retains the right to redeem the preferred shares under a structured schedule:
- 110% of face value during the first 18 months.
- 105% of face value from 18 months to three years.
- 100% of face value after three years.
Any redemption would also include accrued and unpaid dividends.
Staking Revenue Expected to Support Dividends
A major feature of Bitmine’s strategy is its reliance on Ethereum staking revenue to help fund dividend payments.
The company stated that roughly 87% of its ETH holdings are actively staked, generating substantial annual staking income. Based on current yield levels, Bitmine estimates annualized staking revenue of approximately $258 million, with projections rising to nearly $296 million as its validator operations expand.
That compares with an estimated annual dividend obligation of about $28.5 million on the proposed preferred stock offering, giving the company a sizable coverage cushion under current assumptions.
The staking activity is supported through Bitmine’s Made in America Validator Network (MAVAN), which launched earlier this year and is being expanded to serve institutional clients and custodians.
Following a Growing Treasury Company Trend
Bitmine’s preferred stock structure closely resembles financing strategies adopted by crypto treasury firms such as Strategy and Strive.
Strategy’s preferred stock product, STRC, has grown into one of the largest preferred stock offerings in the market since its launch in 2025. Unlike Bitmine’s fixed dividend structure, STRC uses a variable rate designed to keep its trading price near par value.
The growing use of preferred stock offerings reflects how digital asset treasury companies are searching for alternative funding sources beyond common equity sales and debt issuance.
Market Challenges Remain
Despite Bitmine’s aggressive accumulation strategy, the company faces a difficult market environment. Ethereum has experienced significant price pressure in recent months, falling sharply from previous highs.
Although Bitmine’s ETH holdings are currently valued at roughly $10 billion, the company is reportedly carrying substantial unrealized losses as a result of Ethereum’s decline.
Investor sentiment also appeared cautious following the announcement. Bitmine shares fell around 6%, while Ethereum posted additional losses during the same period.
CoinLaw’s Takeaway
In my experience, this offering shows how quickly corporate Ethereum treasury strategies are evolving. Bitmine is no longer relying solely on common stock sales to build its ETH position. Instead, it is borrowing ideas that have already gained traction in the Bitcoin treasury sector.
I found the most important aspect of this announcement to be the company’s reliance on staking income rather than traditional business revenue to support dividend payments. If Ethereum staking yields remain stable and adoption continues to grow, this model could attract more companies looking to build large crypto treasuries. At the same time, investors should remember that the strategy remains closely tied to Ethereum’s price performance, making market conditions a key factor in its long term success.
