TechFlow reported on June 14, citing PR Newswire, that BitMine’s Class A perpetual preferred stock has received approval for listing on the New York Stock Exchange. The security will trade under the ticker BMNP and is expected to begin trading on June 16, according to the disclosed schedule.
BMNP receives NYSE listing approval
The listed instrument is BitMine’s Class A perpetual preferred stock rather than common equity. Perpetual preferred shares generally include a dividend structure and are often described through their income-oriented features. In BitMine’s disclosure, the central term attached to BMNP is an annualized dividend rate of 9.50%.
BitMine also set out the details of its first cash dividend payment. The company plans to pay an initial cash dividend of $0.316667 per share, with the payment expected to be made on June 22. The payment will apply to shareholders of record as of the close of business on June 12.
Weekly dividend schedule also disclosed
In addition to the first cash dividend, BitMine released information on its subsequent dividend arrangement. The company said the weekly dividend is expected to be $0.105556 per share. That payment is scheduled for June 26 and will be made to shareholders of record as of the close of business on June 16.
The BMNP listing comes as more crypto and digital-asset-related companies enter traditional capital markets. Within that setting, preferred stock products with fixed-income characteristics are being included in the observation scope of some investors. After BMNP begins trading on the NYSE, its trading performance and market acceptance will serve as follow-up points for the industry.