BitMine Seeks $300M Preferred Sale With 9.5% Dividend to Back ETH Staking
BMNR•BitMine plans a $300 million Series A preferred sale of 3 million shares carrying a 9.50% annual dividend paid weekly and listed under BMNP. The Ethereum treasury firm holds 5.42 million ETH (4.48% of supply), has staked 4.7 million ETH for projected $276 million in annualized revenue.
1. Preferred Stock Sale Details
BitMine proposes issuing 3 million Series A preferred shares at a $100 stated value to raise $300 million. The shares carry a 9.50% annual cash dividend paid weekly and are slated for NYSE listing under the ticker BMNP pending board approval.
2. ETH Holdings and Staking Revenue
As of the latest filing, BitMine holds 5,416,901 ETH—about 4.48% of the total supply—and $446 million in cash. The company has staked 4.7 million ETH via its MAVAN platform, yielding a projected $276 million of annualized staking income.
3. Strategic Shift and Dilution Outlook
Having transitioned from Bitcoin mining to an ETH treasury model, BitMine has executed over $440 million in ETH purchases this year to approach a 5% supply stake. The preferred structure leverages protocol-native staking yields to support dividends while limiting common share dilution through on-chain income generation.
