<\/p>\n
Ethereum treasury company Bitmine Immersion Technologies is launching a $300 million perpetual preferred stock offering, borrowing a page from Strategy\u2019s financing playbook.\u00a0<\/p>\n
Bitmine told<\/span><\/a> the SEC on Wednesday that it intends to offer 3 million of its 9.5% Series A perpetual preferred stock at $100 per share, which will trade under the symbol BMNP within 30 days of issuance.\u00a0<\/p>\n Preferred shares are a hybrid of stocks and bonds. Investors are not directly betting on the company\u2019s growth but lending it money in exchange for regular payments. For every $100 share, Bitmine will pay dividends on a weekly basis, amounting to $9.50 per year.\u00a0<\/p>\n The firm plans to use income from its staked Ether (ETH) to pay the dividends, similar to offerings from Michael Saylor\u2019s Bitcoin treasury company, Strategy<\/span><\/a>.\u00a0<\/p>\n Strategy launched its Stretch (STRC) perpetual preferred stock in July 2025. Unlike Bitmine\u2019s BMNP, which has a fixed rate, STRC uses a variable rate that Strategy adjusts monthly with the goal of keeping the trading price stable near $100.<\/p>\n STRC has scaled to $8.5 billion in just nine months and is now the largest preferred stock by market cap in the world, according<\/span><\/a> to a May SEC filing.\u00a0<\/p>\n \u201cDigital Credit, highlighted by STRC, has been a big success. STRC has shown strong demand, high liquidity, and low volatility,\u201d said Phong Le, Strategy president and CEO.<\/p>\n In March, Le said that roughly 80% of STRC holders were retail investors.\u00a0<\/p>\n Related: <\/strong><\/em>80% of Strategy’s \u2018Stretch\u2019 buyers are mom-and-pop investors<\/strong><\/em><\/span><\/a><\/p>\n Bitmine\u2019s annualized staking revenue by week. Source: SEC<\/em><\/p>\n Bitmine said the net proceeds of its proposed offering would be used for general corporate purposes, including buying more Ether, expanding staking and validator infrastructure through Made in America Validator Network (MAVAN) and repurchasing common stock.\u00a0<\/p>\n Bitmine announced<\/span><\/a> on Monday that it currently owns 4.49% of the total ETH supply and is 90% of the way to its \u201cAlchemy of 5%\u201d plan in just 11 months.<\/p>\n The firm has 4.7 million staked Ether, worth around $8.3 billion at current prices. However, unrealized losses<\/span><\/a> on that ETH are nearly $9 billion.<\/p>\n The perpetual stock offering comes at a tough time for Ether investors, with the asset falling more than 12% over the past seven days to a 14-month low of $1,734 in early trading Thursday.\u00a0<\/p>\n \u201cIn our view, ETH prices are not reflecting the strengthening of Ethereum fundamentals, but then again, this is not surprising given we are in the early stages of crypto spring,\u201d said<\/span><\/a> Bitmine chairman Tom Lee on Monday.\u00a0<\/p>\n Bitmine stock fell nearly 6% Wednesday to $16.90, its lowest level since it pivoted to Ethereum in June 2025, according<\/span><\/a> to Google Finance.\u00a0<\/p>\n