BitMine Immersion Technologies is tapping the public market again. The company plans to sell 3 million shares of 9.50% Series A Perpetual Preferred Stock at $100 per share, aiming to raise roughly $300 million for additional Ethereum purchases, staking operations, and validator expansion through its MAVAN platform. Proceeds will also go toward working capital and potential common stock buybacks.
Mirroring MicroStrategy's model
The preferred stock structure mimics the approach Michael Saylor used at MicroStrategy to fund bitcoin buys. It's a familiar playbook, but the 9.50% dividend rate signals the premium BitMine has to offer in a weaker market. For comparison, bitcoin treasury peer Strive (ticker ASST) is running a similar preferred offering, Strive Asset Trust SATA, paying a 13% dividend.
BitMine's massive ETH position
The company holds the largest known Ethereum treasury among public firms — over 5 million ETH, much of it staked. At current prices around $1,765, that stash is worth billions. But the market hasn't been kind lately. Ethereum was down nearly 5% in the last 24 hours at the time of reporting, and CryptoQuant data shows BitMine sitting on unrealized losses exceeding $8 billion.
Chairman Tom Lee downplayed those losses, calling them paper figures that recover with the market. The timing of the offering isn't great — ETH is sliding — but the company is betting on a rebound.
The new shares are expected to trade under the ticker BMNP, pending NYSE approval. Moelis & Company and Cantor Fitzgerald are acting as joint lead bookrunners. BitMine has been aggressive on the funding front; this deal follows its pattern of using equity-linked instruments to raise crypto war chests. Whether investors bite at 9.5% in a down market remains to be seen — but they've got a hard deadline once the SEC clears the registration statement.
