Ethereum treasury giant offers 9.5% payout as BitMine paper losses top $8.5 billion
BitMine plans to raise up to $300 million by selling 3 million shares of 9.50% Series A perpetual preferred stock at $100 each, with possible NYSE listing under BMNP. The offering would create about $28.5 million in annual dividend obligations, paid weekly if declared. Proceeds may fund general corporate uses, including more ETH and other digital assets, staking and validator expansion, working capital, strategic investments, and common-stock buybacks. The move comes as BitMine’s ETH position has suffered major unrealized losses after ETH fell below its average cost basis. BitMine holds more than 5.3 million ETH, about 4.5% of circulating supply, and stakes a large portion to generate yield. That staking income is intended to help support the fixed 9.5% preferred dividend, though the company does not dedicate staking revenue to the shares and says payouts may come from cash, asset sales, or other financing. The structure resembles Strategy’s crypto-financing model, but BitMine’s preferred has a fixed coupon and dividend compounding if unpaid.
