CoinDesk
BitMine Immersion Technologies (BMNR), the Ethereum treasury firm led by Fundstrat co-founder Tom Lee, filed with the SEC to offer 3 million shares of Series A Perpetual Preferred Stock at a $100 stated value, targeting up to $300 million in proceeds. The shares carry a 9.5% annual dividend paid weekly in cash if declared by the board, and will list on the NYSE under the ticker BMNP subject to approval. The company did not specify how it intends to use the proceeds.
Why it matters
Bitmine is the largest Ethereum treasury firm by holdings, with more than 5.3 million ETH — roughly 4.5% of circulating supply and an estimated $10 billion in notional exposure at peak. The same bet is now sitting on an estimated $9 billion unrealized loss after ETH fell below $1,800 from around $5,000 in October. Issuing preferred equity mirrors the playbook Strategy (MSTR) used to scale its bitcoin treasury, and peers Strive (ASST) and Metaplanet have already followed with dividend-paying preferreds of their own.
Market impact
The timing lands uncomfortably. Strategy's STRC preferred slid roughly 5% below its $100 par on Wednesday as the market questions whether the bitcoin-treasury model can sustain its dividend through a drawdown — a real-time stress test for the same instrument Bitmine is now bringing to ETH. Bitmine's preferred is redeemable by the company at premiums scaling from 10% down to 0% over time, and holders retain repurchase rights on certain fundamental changes. If ETH reclaims lost ground, the 9.5% coupon gives Bitmine cheap runway to add to an already dominant position; if it doesn't, the structure hands fixed-income holders a senior claim on a depreciating asset stack.
Frequently asked questions
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What is Bitmine offering?
BitMine Immersion Technologies (BMNR) filed to offer 3 million shares of Series A Perpetual Preferred Stock at a $100 stated value, targeting up to $300 million. The shares carry a 9.5% annual dividend paid weekly in cash, and will list on the NYSE under the ticker BMNP.
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Why is Bitmine issuing preferred stock?
Bitmine is the largest Ethereum treasury firm, holding more than 5.3 million ETH, and the preferred-stock structure mirrors the playbook Strategy (MSTR), Strive, and Metaplanet have used to fund digital-asset treasuries. The filing did not specify the use of proceeds.
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How much has Bitmine's ETH position lost?
Bitmine accumulated more than 5.3 million ETH, worth roughly $10 billion at peak and representing about 4.5% of circulating supply. With ETH below $1,800 versus around $5,000 in October, the position is sitting at an estimated $9 billion unrealized loss.
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Is the Strategy preferred-equity model under pressure?
Strategy's STRC preferred stock fell roughly 5% below its $100 par on Wednesday as investors debated whether the company can sustain dividend payments while bitcoin prices slide — a live stress test for the same template Bitmine is now bringing to ETH.
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What redemption terms apply to Bitmine's preferred shares?
Bitmine can redeem the preferred at premiums ranging from 10% down to 0% depending on the timing of redemption, and holders retain repurchase rights if certain fundamental corporate changes occur.
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