The Ethereum treasury firm will issue 3 million preferred shares at $100 each, targeting new funding amid crypto market pressures.
BitMine Immersion Technologies will offer 3 million shares of Series A Perpetual Preferred Stock at $100 per share, aiming to raise $300 million. The shares carry a 9.5% annual dividend, payable weekly in cash if declared by the board, according to a regulatory filing.
The move mirrors strategies used by bitcoin-focused firms like Michael Saylor’s MicroStrategy, as crypto treasury companies seek alternative funding sources. The preferred stock will trade on the NYSE under the ticker BMNP, pending approval.
The offering reflects broader efforts by digital asset firms to secure capital amid declining crypto prices and tighter funding conditions. No immediate market reaction was disclosed in the filing.