This earnings season, crypto treasury companies posted bruising results: Strategy lost $8.22 billion in Q2, Strive lost $258 million, Sharplink lost $394 million, Metaplanet lost 182.8 billion yen in the first half, and Bitmine's nine-month net loss topped $9 billion. Combined Q2 losses came to about $10 billion, yet several names rallied anyway. The article argues that the market has already priced in the losses and is now focusing on one metric: how much crypto each share represents. Strategy raised $8.4 billion in Q2, repurchased $1.5 billion of convertible debt at a discount, and increased cash reserves to $3.75 billion. Sharplink sold shares above NAV and bought back stock. Metaplanet tightened capital rules around mNAV. The common thread is discipline: these firms are now managing toward higher per-share crypto exposure rather than headline growth. The new funding tools built around perpetual preferred stock, such as STRC, SATA, BMNP and Metaplanet's BitBonds plan, are spreading the model across the sector. Premiums are falling, but the structure may stay. Once the narrative is stripped away, DATs look more like actively managed thematic funds with embedded financing tools, and the market is treating them that way.

Ethereum treasury company Bitmine said its board has approved the remaining 17 cash dividend payments scheduled for this year for BMNP, its Series A perpetual preferred stock listed on the New York Stock Exchange, according to PR Newswire. The company said the plan covers each dividend record date, payment date, and per-share amount. The dividend schedule runs from August through December 2026. Bitmine said BMNP holders will receive cash dividends under the terms of the preferred shares. Most of the payments are set at $0.1847 per share, while some periods will pay $0.1583 per share. The final payment at year-end is the largest in the schedule at $0.2639 per share. The company said the dividends will be paid in cash. The announcement focused on the approved payment plan and the mechanics attached to each distribution, including the relevant record and payment dates for each period.

Bitmine said its board has approved 17 cash dividend payments in 2026 for its Series A perpetual preferred stock, listed on the New York Stock Exchange under the ticker BMNP. According to the announcement, holders of BMNP will receive cash dividends under the terms of the preferred shares. The payment schedule runs from August to December 2026. Most of the individual distributions are set at $0.1847 per share, while some periods will pay $0.1583 per share. The final payment at the end of the year is the largest, reaching $0.2639 per share. Bitmine said the dividends will be paid in cash in line with the designation terms for the Series A preferred stock. BMNP is the company’s perpetual preferred stock product listed on the NYSE, and it carries a fixed dividend rate of 9.50%. The announcement was cited by Odaily, which referenced PRNewswire as the source.

Bitmine said it plans to offer 3 million shares of 9.50% Series A Perpetual Preferred Stock, with proceeds potentially used for ETH purchases, staking infrastructure expansion, working capital, and stock repurchases.

Bitmine said it held 5,620,754 ETH as of June 14, 2026, equal to 4.66% of Ethereum supply, with total crypto, cash, securities, and other positions valued at $10.4 billion.

On-chain data shows BitMine staked another 160,480 ETH (~$248.7M), pushing its staked ratio to 86%. The company is set to join the Russell 1000 on June 26, drawing passive fund attention. Staking income now underpins its treasury model as it targets 5% of ETH supply.

Bitmine Immersion Technologies (BMNR) reports total crypto, cash, and moonshot holdings of $11.1 billion as of June 28, 2026, including 5.74 million ETH (4.8% of supply). The company also joined the Russell 1000, launched the MAVAN staking platform, and projects annualized staking revenues of $235 million.

Bitmine said it held 5,700,040 ETH as of June 28, 2026, equal to 4.7% of total ETH supply, with combined crypto, cash, securities and other holdings totaling $9.8 billion.