Bitmine Immersion Technologies is launching a $300 million perpetual preferred stock offering, following a model pioneered by Strategy. The company filed with the SEC to offer 3 million shares at $100 each, paying a fixed 9.5% annual dividend funded by its staked Ether income. This move comes as Bitmine holds 4.7 million staked ETH, representing 4.49% of the total supply, though it faces nearly $9 billion in unrealized losses on that position amid a declining ETH price.
Bitmine announced a $300 million perpetual preferred stock offering in an SEC filing. The company plans to issue 3 million shares of its 9.5% Series A perpetual preferred stock at $100 per share.
These shares will trade under the symbol BMNP. The firm stated it will use income from its staked Ether to pay the weekly dividends.
The structure is similar to offerings from Michael Saylor’s bitcoin treasury company, Strategy. Strategy launched its Stretch (STRC) perpetual preferred stock in July 2025.
STRC uses a variable rate adjusted monthly and has grown to $8.5 billion in nine months. “Digital Credit, highlighted by STRC, has been a big success. STRC has shown strong demand, high liquidity, and low volatility,” said Strategy president and CEO Phong Le in a May SEC filing.
Le previously stated that roughly 80% of STRC holders were retail investors. Bitmine said net proceeds will be used for general corporate purposes, including buying more Ether and expanding staking infrastructure.
The company announced it currently owns 4.49% of the total ETH supply. It holds 4.7 million staked Ether, worth around $8.3 billion.
However, unrealized losses on that ETH are nearly $9 billion. The offering launches as Ether fell more than 12% over the past week to a 14-month low.
“In 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,” said Bitmine chairman Tom Lee. Bitmine’s common stock fell nearly 6% Wednesday to $16.90.
