NEW YORK, June 5, 2026, 04:12 EDT
BitMine Immersion Technologies filed a plan to sell 3 million Series A perpetual preferred shares. The shares come with a 9.50% yearly dividend. If all are sold at $100 each, the raise would total $300 million. According to the preliminary prospectus, dividends are set to be paid out weekly in cash when the board declares them.
Digital-asset treasury companies want to keep buying crypto but don’t want to rely just on common-stock deals, keeping an eye on crypto prices and their own securities as they trade lower. BitMine, chaired by Fundstrat’s Tom Lee, is now using a model usually seen at bitcoin-heavy companies like Strategy and Strive, but this time for an Ethereum treasury.
BitMine said it could put the proceeds toward corporate uses like buying more ETH or digital assets, growing staking and validator infrastructure through MAVAN, working capital, Ethereum investments, or possibly buying back common shares. The company has filed to list the new preferred stock on the New York Stock Exchange under the BMNP ticker, expecting trading to start within 30 days after the first issue if it gets approved.
Preferred stock sits between debt and common equity — it pays dividends and has priority in liquidation over common shares but ranks below debt. BitMine’s preferred, according to the filing, will be paid out before the company’s common stock when it comes to dividends or liquidation, but will still be behind any existing or new debt.
BitMine is counting on Ethereum to cover its preferred dividends. The company said most of the funding will come from staking returns, options on its ETH position and possibly new capital. Staking involves locking up ether so the owner can help operate the Ethereum network and pick up reward payments.
Native ETH staking has become BitMine’s top revenue stream, the company said. By May 25, BitMine had around 4.7 million ETH staked through MAVAN. That’s about 87% of its total ETH holdings. Projected staking revenue was about $276 million annualized.
BitMine said it held 5,416,901 ETH, 203 bitcoin, investments in Beast Industries and Eightco Holdings, and $446 million in cash as of May 31. The company said its ETH stake was 4.49% of the total 120.7 million ETH in supply.
Analysts told Decrypt that the use of Ethereum might set the structure apart from the usual bitcoin treasury setups. Dominick John at Zeus Research said staking could “reduce cash drag” and support dividend sustainability. Ryan Yoon at Tiger Research said ETH staking yield is a “major differentiator” for BitMine. Decrypt
The filing pointed to BitMine’s risk, too. BitMine said ETH is volatile and swings in price could hit results, securities, and dividend payouts. The company also flagged that staking rewards can drop, with staking carrying slashing, lock-up, smart-contract, liquidity, counterparty, and validator risks.
Ether was last at $1,669, off roughly 5.8%. BitMine common shares traded at $17.89, about 5.8% higher from the previous close, based on market data. The split is important: the preferred-stock pitch leans more on ETH income and capital market access to fund a fixed payout, not just a run-up in the equity.
BitMine has the right to redeem the preferred shares for cash at 110% of their stated value in the first 18 months after issue, 105% from 18 months to three years, and 100% after three years, with any unpaid dividends added. Holders have repurchase rights if there are certain fundamental changes.
Moelis & Company and Cantor are joint lead bookrunners on the deal. The deal is still subject to market and other usual conditions. The preliminary filing did not include the final public offering price or list net proceeds after fees.
