BitMine, the publicly traded firm holding more than 5.3 million Ether, filed plans Thursday to sell $300 million in perpetual preferred stock. The company wants to use the proceeds to buy even more ETH, expand its staking infrastructure, and for general corporate needs — even as it sits on unrealized losses on its Ethereum holdings exceeding $8 billion.
The Offering and the Stated Terms
The company plans to issue 3 million shares of 9.50% Series A perpetual preferred stock at a $100 stated amount per share. If approved for listing on the New York Stock Exchange, the shares would trade under the ticker BMNP. Moelis & Company and Cantor are acting as joint lead bookrunners for the sale.
The Annual Dividend Bill
If all shares sell, BitMine would owe roughly $28.5 million in annual dividends, paid weekly whenever the board declares them. The company hasn't pledged staking income exclusively to cover those payments. Instead, the filing says dividends may come from available cash, ETH yield, securities sales, future financing, or other sources.
That $28.5 million figure is small relative to BitMine's normal staking revenue, which runs in the hundreds of millions of dollars annually. But the filing warns that staked ETH may not be immediately available for withdrawal or sale during periods of market stress, which could limit the company's liquidity.
The Giant ETH Position and Its Unrealized Losses
BitMine holds about 4.5% of all circulating ETH, according to the filing. A large portion of those tokens is staked. But the average purchase price for its ETH is above the current spot price, resulting in unrealized losses that top $8 billion. Still, staking income has been a reliable revenue stream: a 2025 study from Everstake found that staking accounted for 60% of disclosed revenue across all publicly listed ETH treasury firms.
Comparisons to Strategy's Approach
BitMine's financing model resembles the one used by Strategy, another corporate bitcoin holder, but with a key difference. Strategy's STRC preferred stock carries a variable dividend rate, while BitMine's Series A is fixed at 9.50%. Both companies use preferred equity to raise cash for additional crypto purchases, but the terms and risks differ.
What Comes Next
The offering is subject to SEC review and market conditions. No pricing date has been set. If approved, the funds could also go toward working capital, strategic investments, or repurchases of BitMine's common stock — all at the discretion of management. Investors will watch whether the preferred shares find buyers, especially given the size of BitMine's existing ETH position and the volatility of its underlying asset.
