BitMine Immersion Technologies (NYSE: BMNR) wants to raise up to $300 million by selling a new class of preferred stock. The company filed a preliminary prospectus with the SEC on Tuesday, outlining plans for a 9.5% cumulative annual dividend paid weekly in cash. Proceeds from the offering would go directly into expanding BitMine’s Ethereum treasury.
The preferred stock structure
The proposed instrument is a new series of preferred shares. Holders would receive a 9.5% annual dividend, distributed every week in cash — an unusual payout frequency for a publicly traded mining firm. The structure borrows from the playbook of Strategy (formerly MicroStrategy), which has used similar preferred-dividend offerings to fund its own Bitcoin accumulation.
Why BitMine is raising capital
The company says it intends to put the $300 million into its ETH treasury. That means buying and holding more Ether, essentially betting that the asset’s value will rise over time. BitMine already mines Ethereum and runs a data-center business, but this move signals a shift toward treating ETH as a corporate reserve asset — not just a production output.
How this mirrors Strategy’s approach
Strategy famously raised billions through convertible bonds and preferred stock to build a massive Bitcoin hoard. BitMine is copying that formula, but for Ethereum. The key difference: Strategy’s preferred shares often carried conversion rights or warrants; BitMine’s filing describes a straight preferred with a fixed dividend and no explicit conversion feature. Still, the weekly cash dividend is designed to attract income-focused investors while the company locks up the principal in a volatile cryptocurrency.
The filing is preliminary, so terms could change before the final prospectus. BitMine hasn’t set a pricing date or firm underwriting commitments yet. The SEC will review the documents, and the company will likely need to address any comments before the deal can go live.
