The Ethereum treasury firm offers weekly cash dividends on new preferred shares to raise capital amid crypto market downturn.
Bitmine Immersion Technologies ($BMNR) announced a $300 million preferred stock offering with a 9.5% annual dividend yield, payable weekly in cash. The Series A Perpetual Preferred Stock will trade on the NYSE under the ticker $BMNP, targeting investors seeking fixed-income exposure in digital assets.
The move follows MicroStrategy’s ($MSTR) strategy as crypto treasury firms seek alternative funding amid declining asset values. Bitmine holds 5.3 million ETH, valued at roughly $10 billion, but faces a $9 billion unrealized loss as ETH prices fell below $1,800 from nearly $5,000 last August.
The company aims to accumulate 5% of Ethereum’s circulating supply, currently controlling 4.5%. The offering reflects efforts to diversify funding sources during prolonged market weakness.