Tom Lee’s BitMine Plans $300M Preferred Stock Sale for ETH Treasury Push
BitMine plans to raise up to $300 million by selling 3 million preferred shares to fund more ETH purchases, staking, validator infrastructure, and related investments. The Series A preferred would have a $100 stated value, pay a 9.5% annual cash dividend in weekly installments if approved, and is slated for NYSE listing as BMNP. The company says native ETH staking is now its main revenue source, with 4.7 million ETH staked via its MAVAN platform as of May 25, implying about $276 million in annualized staking revenue. BitMine recently bought 26,497 ETH for about $52 million, bringing holdings to 5,416,901 ETH, or roughly 4.48% of ETH supply, plus about $446 million in cash. The strategy aims to use staking and MEV rewards to help cover dividends while compounding remaining yield, making BitMine’s model different from Strategy’s Bitcoin-backed preferred stock.
