- Bitmine plans preferred stock offering to fund Ethereum purchases, staking.
- Ethereum holdings reached 5.4 million ETH despite market losses.
- Preferred shares offer weekly dividends as BMNP listing approaches.
Bitmine is seeking additional capital to support its expanding Ethereum treasury, unveiling plans for a preferred stock offering that could help fund more ETH purchases and staking operations. The filing highlights the company’s continued commitment to Ethereum despite ongoing market weakness and substantial unrealized losses on its holdings.
In a filing submitted to the U.S. Securities and Exchange Commission on Wednesday, Bitmine announced plans to offer 3 million shares of its Series A perpetual preferred stock. Each share will carry a fixed cumulative dividend rate of 9.50% annually based on a per-share amount of $100. The company said dividends will be paid weekly in arrears whenever declared. Additionally, unpaid dividends will accrue compounded interest. The rate will begin at 9.55% and increase by 5 basis points during each period until reaching a maximum of 15%.
Bitmine has also applied to list the preferred shares on the New York Stock Exchange under the ticker symbol BMNP. Trading is expected to begin within 30 days following the initial issuance. Moelis & Company and Cantor are acting as joint lead bookrunners for the offering. Management stated that net proceeds will be used for general corporate purposes. However, the company noted that additional Ethereum purchases and staking expansion remain among the intended uses of the capital raised.
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Bitmine expands funding options as Ethereum position increases
The proposed offering arrives as Bitmine continues increasing its Ethereum exposure. On June 1, the company disclosed the purchase of 26,497 ETH. Consequently, its total Ethereum holdings climbed to 5,416,901 ETH. That growing treasury has positioned Bitmine among the largest corporate holders of Ethereum. As a result, the company’s financial performance remains closely linked to movements in the cryptocurrency market.
Bitmine’s preferred stock strategy resembles a model already adopted by Strategy through its STRC perpetual preferred shares. That program offers investors regular income while providing indirect exposure to digital assets. Since launching the program in July 2025, Strategy has expanded it through multiple follow-on issuances. The total notional value of STRC has since reached approximately $10.5 billion, demonstrating strong investor demand for yield-focused crypto treasury products.
Meanwhile, Ethereum continues to face market pressure. Data from Dropstab estimates that Bitmine currently holds roughly $9.2 billion in unrealized losses on its ETH position as the asset extends its decline. Ethereum traded near $1,774 on Thursday a 4.16% drop during the previous 24 hours. Moreover, the cryptocurrency remains down about 32% over the past year.
Conclusion
Bitmine’s latest fundraising initiative underscores its long-term focus on Ethereum accumulation and staking. While market conditions remain challenging, the company continues expanding its treasury and pursuing new sources of capital to support its digital asset strategy.
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