BitMine Immersion Technologies has filed with the U.S. Securities and Exchange Commission to raise $300 million through the sale of 3 million shares of Series A perpetual preferred stock. The securities carry a stated value of $100 per share and a 9.5% annual dividend, with cash payments expected on a weekly basis, subject to board approval. The company said the preferred shares are expected to trade on the New York Stock Exchange under the ticker BMNP, pending listing approval.
The filing did not specify how BitMine plans to use the proceeds. Even so, the deal puts direct attention on the company’s Ethereum treasury model at a time when digital asset prices remain under pressure and crypto treasury firms are looking beyond common stock and debt for new funding channels.
Preferred stock model mirrors a path already used by Strategy
BitMine’s structure follows a route that has already been used by Strategy, the bitcoin treasury company formerly known as MicroStrategy. Strategy has issued several classes of preferred equity to bring in capital outside traditional common share sales and debt markets. Other firms in the same segment, including Strive and Metaplanet, have also issued dividend-paying preferred shares.
BitMine is applying that framework to an Ethereum-focused treasury strategy. Led by Fundstrat co-founder Tom Lee, the company has emerged as one of the sector’s most aggressive ETH accumulators, based on its recent disclosures.
More than 5.4 million ETH on the books, with a large unrealized loss
According to the filing, BitMine has accumulated more than 5.3 million ETH valued at about $10 billion, representing roughly 4.5% of Ethereum’s circulating supply. A separate update previously reported that the company bought 26,497 ETH over the past week, lifting total holdings to 5,416,901 ETH and moving it closer to its target of reaching 5% of Ethereum supply.
That scale cuts both ways. The same filing said BitMine’s Ethereum position carries an estimated $9 billion unrealized loss after ETH fell from about $5,000 to below $1,800 in October. The preferred stock deal is tightly linked to whether investors still back the company’s ETH treasury bet under those conditions.
Redemption terms and broader asset holdings disclosed
The filing said the preferred shares may be redeemed by BitMine at premiums that step down from 10% to 0%, depending on timing. Investors would also have repurchase rights if certain corporate changes take place.
As of May 31, BitMine said its crypto, cash, and “moonshots” holdings totaled $11.6 billion. That figure included 5,416,901 ETH, 203 Bitcoin, $446 million in cash, a $180 million stake in Beast Industries, and a $93 million stake in Eightco Holdings. The filing also arrives as Strategy’s own preferred equity approach draws fresh pressure, with STRC trading about 5% below its $100 par value on Wednesday.