Bitmine is moving to raise fresh capital as it expands its Ethereum treasury. In a filing with the U.S. Securities and Exchange Commission, the company said it plans to offer 3 million shares of Series A perpetual preferred stock. Net proceeds are earmarked for general corporate purposes, with additional ETH purchases and a broader staking operation named among the intended uses.
Each preferred share carries a per-share amount of $100 and a fixed cumulative dividend rate of 9.50% annually. The company said dividends, when declared, will be paid weekly in arrears. Any unpaid dividends will compound, with the rate starting at 9.55% and increasing by 5 basis points each period until it reaches a cap of 15%.
BMNP Listing Planned on the NYSE
Bitmine has also applied to list the preferred stock on the New York Stock Exchange under the ticker BMNP. Trading is expected to begin within 30 days after the initial issuance. Moelis & Company and Cantor are serving as joint lead bookrunners for the transaction.
The filing does not restrict the proceeds to a single purpose. It frames the use of funds as general corporate needs, while still naming Ethereum accumulation and staking expansion as part of the plan. That keeps the company’s crypto treasury strategy at the center of the capital raise.
Ethereum Holdings Rise to 5,416,901 ETH
Bitmine’s Ethereum position has continued to grow. On June 1, the company disclosed a purchase of 26,497 ETH, lifting total holdings to 5,416,901 ETH. With that scale, Bitmine stands among the largest corporate holders of Ethereum, leaving its financial results closely tied to swings in the digital asset market.
The approach resembles the model used by Strategy with its STRC perpetual preferred shares. The source article notes that since launching in July 2025, STRC has been expanded through multiple follow-on offerings, bringing total notional value to about $10.5 billion. That figure points to investor appetite for crypto treasury products built around regular yield.
ETH Weakness Leaves Bitmine With Roughly $9.2 Billion in Unrealized Losses
Bitmine’s push for more capital comes while Ethereum remains under pressure. Citing Dropstab data, the report said the company is sitting on about $9.2 billion in unrealized losses on its ETH position. Ethereum traded near $1,774 on Thursday, down 4.16% over the previous 24 hours and about 32% over the past year.
That leaves Bitmine in a clear position: it is absorbing large paper losses while still lining up more funding for ETH purchases and staking. The new filing shows the company has not backed away from its Ethereum-heavy treasury strategy.