Ethereum treasury company Bitmine has filed for a public offering of 3 million shares of its 9.50% Series A Perpetual Preferred Stock. The company intends to use the net proceeds for corporate purposes, including acquiring more ETH and expanding its staking infrastructure. The preferred shares are planned for listing on the New York Stock Exchange under the ticker “BMNP.”
Bitmine, an Ethereum treasury company, has filed with the Securities and Exchange Commission to launch a public offering of 3 million shares of preferred stock. The net funds raised may be used for general corporate purposes, including acquiring additional ETH and expanding its staking infrastructure.
According to the filing, proceeds could also fund strategic investments in the Ethereum ecosystem and potential common stock repurchases. The preferred shares will carry cumulative dividends at a fixed annual rate of 9.50% based on a $100 per share stated value.
Dividends are payable in cash when declared by the company’s board. If any declared dividend is not paid, additional compounded dividends will accrue weekly, with the rate gradually increasing up to a maximum of 15% annually.
Bitmine has applied to list the new shares on the New York Stock Exchange under the ticker symbol “BMNP.” Trading is expected to begin within 30 days of the initial issuance if the listing is approved.
The application is based on a model similar to Saylor-led Strategy’s STRC perpetual preferred stock, which pays an 11.5% dividend. After raising around $2.52 billion through its initial public offering, the total notional amount of STRC is approximately $10.5 billion.
Bitmine’s Ethereum holdings have risen to 5.42 million ETH, reaching roughly 90% of its target to own 5% of all ETH. The company stated that 4.72 million ETH are staked, partially through its MAVAN platform.
As one of the sector’s most active buyers, Bitmine has built the largest ETH treasury. The sharp drop in Ethereum, down more than 45% year to date, has created significant challenges for Ethereum treasury companies.
Recent data estimates indicate that Bitmine is carrying unrealized losses of more than $10 billion. Even so, Chairman and Fundstrat co-founder Tom Lee remains optimistic on Ethereum.
