BitMine launches $300M preferred stock at 9.5% to keep…

Thomas Lee's BitMine is tapping the preferred-stock market for up to $300 million, offering a 9.50% annual coupon on 3 million Series A perpetual preferred shares at a $100 stated amount. The shares are expected to list on the NYSE under the ticker BMNP, with Moelis & Company and Cantor serving as joint lead bookrunners. If fully subscribed, the raise creates roughly $28.5 million in annual dividend obligations paid weekly when declared.

Why it matters

BitMine holds more than 5.3 million ETH — approximately 4.5% of circulating supply — making it the largest public Ethereum treasury firm. The raise comes despite paper losses exceeding $8 billion as ETH has traded well below the company's average purchase price. Rather than retreating, BitMine is doubling down: proceeds can fund additional ETH purchases, staking and validator infrastructure expansion, and working capital. Chairman Thomas Lee's core thesis is that ETH's staking yield gives Ethereum treasury vehicles a structural edge over Bitcoin-only models. Staking accounted for 60% of disclosed revenue across publicly listed ETH treasury firms in 2025, and BitMine says its annualized staking revenue already runs in the hundreds of millions — making the $28.5 million annual preferred payout look manageable against the income stack, at least under normal market conditions.

Market impact

The structure mirrors Strategy's STRC preferred but with key differences: BitMine's coupon is fixed at 9.5% rather than variable, dividends compound weekly if unpaid (capped at 15% annually), and the redemption schedule runs from 110% in the first 18 months down to par after three years.