CryptoSlate
Thomas Lee's BitMine is heading to the New York Stock Exchange with 3 million shares of 9.50% Series A perpetual preferred stock at a $100 stated amount, a structure that would raise up to $300 million and add roughly $28.5 million in annual dividend obligations when fully subscribed. Moelis & Company and Cantor are joint lead bookrunners, and the shares are expected to trade under the ticker BMNP if the listing is approved. The move comes as BitMine's unrealized losses on its Ethereum holdings have climbed above $8.5 billion after ETH sold off well below the company's average purchase price.
Proceeds are earmarked for general corporate purposes, including additional ETH and digital-asset purchases, expansion of staking and validator infrastructure, working capital, Ethereum-related strategic investments, and buybacks of common stock. BitMine currently holds more than 5.3 million ETH — roughly 4.5% of circulating supply — with a large share actively staked to earn protocol rewards.
Why it matters
The offering borrows directly from the Strategy playbook that Michael Saylor's Bitcoin treasury company has used to keep accumulating through drawdowns, but with a key structural difference. Strategy's STRC preferred carries a variable dividend currently at 11.50% that is reset monthly to keep the shares trading near par. BitMine's Series A is fixed at 9.50%, paid weekly in arrears when declared by the board, with unpaid dividends compounding weekly and stepping up over time to a 15% cap. Redemption terms are also more punitive in the early years: 110% of stated value in the first 18 months, 105% from 18 months to three years, and 100% thereafter, plus accumulated unpaid dividends.
Chairman Thomas Lee has framed staking yield as the edge that lets Ethereum treasury firms service obligations Bitcoin vehicles cannot, since ETH produces protocol rewards without selling the underlying token. Staking accounted for roughly 60% of disclosed revenue across publicly listed ETH treasury firms in 2025, according to a study from staking provider Everstake.
Frequently asked questions
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What is BitMine's 9.5% Series A preferred stock offering?
BitMine filed to sell 3 million shares of 9.50% Series A perpetual preferred stock at a $100 stated amount on the NYSE under ticker BMNP, a structure that would raise up to $300 million with Moelis and Cantor as joint bookrunners.
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How much in unrealized losses does BitMine have on its Ethereum holdings?
Unrealized losses on BitMine's Ethereum holdings have exceeded $8.5 billion, according to CryptoQuant data referenced in the filing, after ETH sold off well below the company's average purchase price.
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How is BitMine's preferred stock different from Strategy's STRC?
Strategy's STRC is a variable-rate perpetual preferred with a dividend reset monthly to keep the shares near $100 par, currently paying 11.50%. BitMine's Series A is fixed at 9.50%, paid weekly in arrears when declared, with unpaid dividends compounding weekly and stepping up to a 15% cap, and steeper early-year…
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How much will the BitMine preferred cost in annual dividends?
If fully subscribed, the $300 million raise would add about $28.5 million in annual dividend obligations, paid weekly when declared by BitMine's board — roughly $548,000 per declared week.
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How large is BitMine's Ethereum position?
BitMine holds more than 5.3 million ETH, representing about 4.5% of Ethereum's circulating supply, with a large share of the stack actively staked to earn protocol rewards.
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