CoinDesk
BitMine Immersion Technologies (BMNR), the Ethereum treasury firm led by Fundstrat co-founder Tom Lee, has filed with the SEC to raise up to $300 million through a Series A Perpetual Preferred Stock offering. The company is selling 3 million shares at $100 stated value each, carrying a 9.5% annual dividend paid weekly in cash, with the shares set to list on the NYSE under the ticker BMNP.
Why it matters
Bitmine is explicitly borrowing Strategy's preferred-equity financing playbook and bringing it to the Ethereum treasury space. Strategy pioneered the model for Bitcoin, and peers like Strive and Metaplanet have since followed. Bitmine becoming the first major ETH treasury firm to attempt this signals that the institutional funding architecture built around BTC accumulation is now being replicated for ETH — a structural development for how crypto treasury companies access capital markets.
Market impact
The timing is significant: Bitmine holds more than 5.3 million ETH — roughly 4.5% of circulating supply — currently sitting at an estimated $9 billion unrealized loss as ETH has fallen from around $5,000 to below $1,800. The preferred offering gives the firm a non-dilutive equity-like funding runway without forcing asset sales. Investors will watch whether BMNP can hold its $100 par value, particularly given that Strategy's STRC preferred stock slipped 5% below par on the same day as this filing, raising questions about dividend sustainability across the sector.
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