Bitmine Immersion Technologies, led by Tom Lee, has officially priced a public offering of 3 million shares of its 9.50% Series A Perpetual Preferred Stock, which will trade on the NYSE under the ticker BMNP. The move closely mirrors the capital-raising blueprint popularized by Michael Saylor’s Strategy (formerly MicroStrategy), but with a crucial twist: it’s designed to leverage Ethereum’s staking yield to service dividend obligations while aggressively expanding its ETH treasury.
The preferred shares carry a $100 face value and pay a fixed $9.50 annual dividend distributed weekly in cash. If any declared dividend is left unpaid, the rate gradually increases up to a maximum of 15% per year. Net proceeds of roughly $280–300 million will be used for general corporate purposes, including additional ETH purchases, scaling staking and validator infrastructure through Bitmine’s MAVAN platform, potential common stock buybacks, and strategic Ethereum ecosystem investments.
At the heart of Bitmine’s structure is the belief that Ethereum’s native staking yield—an estimated 3–5% annually—can offset dividend costs in a way Bitcoin cannot. The company disclosed it has staked around 87% of its 5.4 million ETH position (about 4.5% of total supply), generating roughly $258 million in annualized staking revenue. Meanwhile, estimated annual dividend obligations on the new preferred stock sit near $28.5 million. This yield differential reduces selling pressure during market downturns, directly contrasting with Strategy, which previously had to sell 32 BTC to cover its own preferred stock dividends.
Despite the bullish accumulation strategy, Bitmine is carrying significant paper losses. With Ethereum’s price tumbling from near $5,000 to below $1,800 in early June, its $10–11.6 billion ETH hoard represents over $10 billion in unrealized losses. Chairman Tom Lee acknowledged the losses but maintained a positive long-term outlook, calling the current phase the end of a bear cycle and the start of “crypto spring.”
