- Bitmine files for $300M preferred stock offering at 9.5% annual yield paid weekly in cash.
- The company holds 5.41 million ETH worth over $10 billion, targeting 5% of the total ETH supply long term.
- ETH staking through MAVAN could deliver $276 million in yearly revenue.
Bitmine Immersion Technologies has filed a preliminary prospectus supplement for a $300 million offering of 9.50% Series A Perpetual Preferred Stock, with proceeds earmarked primarily for acquiring additional Ethereum and expanding its validator infrastructure.
The company is offering 3 million shares at $100 per share under the ticker BMNP on the NYSE. Joint lead bookrunners are Moelis and Company and Cantor.
This development comes amid a decline in ETH prices. At the time of writing, ETH is down by more than 10% in the last week and is trading near $1800.
How the Preferred Stock Works
The Series A Preferred Stock pays a fixed 9.50% annual dividend on the $100 stated amount, paid weekly in arrears. Key terms include:
- Redemption pricing: 110% of stated amount in first 18 months, 105% in years two to three, 100% after three years
- Dividends: Paid weekly in cash, funded primarily from ETH staking yield and options income
- Voting rights: Limited except in cases of sustained dividend non-payment
- Listing: Applied for NYSE under the symbol BMNP
If dividends are missed for 12 months, preferred holders gain the right to elect one board director. A second director can be elected after 18 months of missed payments.
What Bitmine Is and Why This Matters
Bitmine is the largest corporate holder of Ethereum in the world. The company holds 5,416,901 ETH worth more than $10 billion, representing 4.49% of the total circulating ETH supply. Its long-term stated goal is to hold approximately 5% of the total ETH supply.
As of May 25, approximately 4.7 million ETH, representing 87% of its holdings and 3.9% of the total ETH supply, were staked through MAVAN, its Made in America Validator Network launched in March 2026. Projected annualized staking revenue from that activity is approximately $276 million. The company also generated $24 million in ETH option premium income in the most recent quarter.
How Proceeds Will Be Used
The company plans to use net proceeds for:
- Acquiring additional ETH and other digital assets
- Expanding MAVAN staking and validator infrastructure
- Working capital and strategic Ethereum ecosystem investments
- Potential repurchases of common stock
The structure mirrors the broader trend of crypto treasury companies using preferred stock instruments to raise capital for digital asset accumulation without diluting common equity at market prices.
Related: Bitmine, Strategy Holdings Down $16.5B Amid Crypto Weakness
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