BitMine Launches $300M 9.50% Preferred Stock to Fund ETH Accumulation
MSTR•BitMine Immersion plans to issue 3 million shares of 9.50% Series A perpetual preferred stock at $100 to raise $300 million for Ethereum purchases, staking and validator expansion. It holds over 5 million ETH with unrealized losses topping $8 billion and mirrors MicroStrategy's crypto-financing approach.
1. Preferred Stock Offering
BitMine Immersion Technologies is offering 3 million shares of 9.50% Series A perpetual preferred stock at $100 per share, targeting $300 million in proceeds. Joint lead bookrunners include Moelis & Company and Cantor Fitzgerald, with shares set to trade under the ticker BMNP pending NYSE approval.
2. Ethereum Accumulation and Loss Position
The firm holds over 5 million ETH, much of which is staked through its MAVAN validator network, and faces unrealized losses exceeding $8 billion on its average purchase price. Ethereum prices dipped below $1,800 recently, intensifying the strain on BitMine's crypto treasury.
3. Strategy Comparison
This funding approach closely mirrors MicroStrategy's use of approved preferred stock to finance digital asset acquisitions, testing investor appetite for high-yield crypto-treasury models at times of market weakness. The outcome may influence broader adoption of similar capital-raising strategies among digital asset companies.
