Bitmine eyes dividend-paying preferred shares, echoing Strategy’s playbook
Bitmine Immersion Technologies plans a $300 million perpetual preferred stock offering, issuing 3 million shares of its 9.5% Series A preferred at $100 each under ticker BMNP. The shares pay weekly dividends, totaling $9.50 per year on each $100 share. Bitmine says staking income from its Ether holdings will help fund the payouts, following a financing model similar to Strategy’s crypto preferred-stock products. Proceeds will go toward general corporate purposes, including more Ether purchases, expanding staking and validator infrastructure through MAVAN, and repurchasing common stock. Bitmine says it now holds 4.49% of total ETH supply and is close to its target of 5%, with 4.7 million staked Ether worth about $8.3 billion. The offering comes as Ether prices have fallen sharply and Bitmine shares have also weakened.
