Tom Lee's Ethereum Treasury BitMine Prices Preferred Shares With 9.5% Dividend
BitMine Immersion Technologies priced a larger-than-planned preferred stock offering to raise about $273.8 million, selling 3.5 million Series A Perpetual Preferred shares at $80 each. The shares pay a 9.50% annual dividend and have a floating liquidation preference with a $100 floor. Proceeds may fund more Ethereum purchases, staking infrastructure via its MAVAN validator network, or common share buybacks. The offering is expected to close June 10 and may list on the NYSE as BMNP. The move comes as BitMine, which shifted from Bitcoin mining to an Ethereum treasury strategy, holds more than $8.6 billion in ETH but is deeply underwater after Ethereum’s sharp decline from last year’s peak. Its stock has also fallen sharply. The preferred-share strategy echoes Strategy’s use of preferred equity to finance large crypto purchases.
