Tom Lee's Bitmine to offer preferred stock with 9.5% dividend, seeking to raise $300 million

Finance Share Share this article Copy link X icon X (Twitter) LinkedIn Facebook Email Tom Lee's Bitmine to offer preferred stock with 9.5% dividend, seeking to raise $300 million The largest Ethereum treasury firm is taking a page from Michael Saylor's Strategy to issue preferred shares to tap new sources of funding. By Krisztian Sandor | Edited by Nikhilesh De Jun 3, 2026, 10:18 p.m. 2 min read Make preferred on Tom Lee, chairman of Bitmine and cofounder of Fundstrat, speaking at Consensus 2026 in Miami (CoinDesk) What to know : Bitmine is offering perpetual preferred stocks with a 9.5% annual dividend, aiming to raise up to $300 million, a company filing shows. The firm is following the steps of bitcoin-centric peers like Michael Saylor's Strategy to tap new sources for funding digital asset treasuries. The preferred shares will be listed on the New York Stock Exchange (NYSE) under the ticker BMNP. BitMine Immersion Technologies (BMNR), an Ethereum treasury company led by Fundstrat co-founder Tom Lee, is borrowing a page from Strategy's financing playbook and launching a $300 million preferred stock offering as crypto treasury firms search for new ways to secure funding. According to a Wednesday filing with the U.S. Securities and Exchange Commission (SEC), the company is offering 3 million shares of its Series A Perpetual Preferred Stock at a stated value of $100 per share. The securities carry a 9.5% annual dividend rate, with dividends paid weekly in cash if declared by the company's board. The preferred shares will be listed on the New York Stock Exchange (NYSE) under the ticker BMNP, subject to approval, BitMine said. The offering comes as digital asset treasury firms, recently under pressure from the downturn in crypto prices, explore new funding sources. Strategy (MSTR), the largest corporate holder of bitcoin, introduced various classes of preferred equities. Bitcoin treasury peers Strive (ASST) and Metaplanet also issued dividend-paying preferred stocks. Bitmine is aiming to bring that playbook to its Ethereum treasury strategy, according to the filing. The firm has been among the most aggressive buyers in the sector, accumulating more than 5.3 million ETH worth roughly $10 billion and controlling about 4.5% of Ethereum's circulating supply over the past year. That ETH bet is currently sitting at an estimated $9 billion unrealized loss as ETH prices fell below $1,800 from around $5,000 in October. Bitmine's preferred stock can be redeemed by the company at premiums ranging from 10% to 0% depending on when the redemption occurs. Holders will also have repurchase rights if certain fundamental corporate changes occur. The filing did not specify how BitMine intends to use the proceeds. The timing is notable given the growing pressure on Strategy's preferred equity funding model. The firm's STRC preferred stock fell 5% below its $100 par value on Wednesday as investors debate whether the company can comfortably maintain its dividend payments while bitcoin prices slide. Ethereum News More For You Every single bank will soon need to hold digital assets, says Zodia CEO Julian Sawyer By Olivier Acuna | Edited by Jamie Crawley 7 hours ago Sawyer confirmed that Standard Chartered’s full acquisition of the firm is on track to target a signing at the end of June and complete by the end of August. What to know : Standard Chartered is set to fully acquire Zodia Custody by the end of August, folding its digital custody operations into the bank and effectively retiring the Zodia Custody brand. The deal underscores how major banks are abandoning in-house experiments and instead buying established crypto platforms to gain trusted, institutional-grade technology... Read full story Latest Crypto News Bitmine's Ethereum bet nears $9 billion loss as ether falls below $1,800 1 hour ago New DeFi entrant widens field of crypto political campaign funds as elections loom 3 hours ago Bitcoin isn't crashing because of Saylor, it's losing the momentum trade 3 hours ago Crypto Long & Short: What about the American consumer? 6 hours ago Every single bank will soon need to hold digital assets, says Zodia CEO Julian Sawyer 7 hours ago Rare physical bitcoin worth $1.78 million gets cashed in after 12 years 7 hours ago Top Stories Payment giants Stripe, Visa, Mastercard said to be among backers of soon-to-debut stablecoin platform 10 hours ago Live markets: bitcoin hits weakest level since late March as selling continues 9 hours ago Clarity Act survival depends on the U.S. Senate getting a lot of non-crypto work done 9 hours ago Bitcoin's dearth of fresh investors matters more than Strategy's sale, Citi says 8 hours ago Bitcoin steadies at $67,000, faces critical juncture after sliding 9.5% in seven days 11 hours ago DeFi won't win over big banks until it fixes its hacking problem, executives say 13 hours ago