Ethereum treasury company Bitmine Immersion Technologies is launching a $300 million perpetual preferred stock offering, borrowing a page from Strategy’s financing playbook.
Bitcoin he said on Wednesday, the SEC said it intends to offer 3 million shares of its 9.5% Series A preferred stock at a price of $100 per share, which will trade under the symbol BMNP within 30 days of issuance.
Preferred stock is a hybrid of stocks and bonds. Investors do not bet directly on the company’s development, but lend it money in exchange for regular payments. For every $100 of stock, Bitmine will pay a weekly dividend of $9.50 per year.
The company plans to exploit the income from its invested Ether (ETH) to pay a dividend, similar to Michael Saylor’s Bitcoin treasury offerings, Strategy.
Strategy launched its Stretch Perpetual Preferred Stock (STRC) in July 2025. Unlike Bitmine’s BMNP, which has a fixed interest rate, STRC uses a floating rate that Strategy adjusts monthly to keep the trading price stable near $100.
STRC has grown to $8.5 billion in value in just nine months and is now the world’s largest preferred stock by market capitalization. According to until its May filing with the SEC.
“Digital credit, highlighted by STRC, has been a great success. STRC has demonstrated strong demand, high liquidity and low volatility,” said Phong Le, president and CEO of strategy.
In March, Le said about 80% of STRC holders were retail investors.
Related: 80% of Strategy “Stretch” buyers are mom and pop investors
Bitmine’s annual staking revenue by week. Source: SEC
Bitmine said the net proceeds from the proposed offering will be used for general corporate purposes, including purchasing more Ether, expanding its staking and validator infrastructure through the Made in America Validator Network (MAVAN), and repurchasing common stock.
Bitcoin announced on Monday that it currently holds 4.49% of the total ETH supply and that it is 90% of the way to its “Alchemy 5%” plan in just 11 months.
The company holds 4.7 million shares of Ether, worth about $8.3 billion at current prices. However, unrealized losses on this ETH is almost $9 billion.
The perpetual share offering comes at a challenging time for Ether investors, as the asset’s value has fallen more than 12% in the past seven days to a 14-month low of $1,734 in early trading on Thursday.
“In our opinion, ETH prices do not reflect the strengthening of Ethereum’s fundamentals, but on the other hand this is not surprising considering that we are in the early stages of crypto spring” he said Bitmine CEO Tom Lee on Monday.
Bitmine shares fell nearly 6% to $16.90 on Wednesday, their lowest level since the switch to Ethereum in June 2025, According to to Google Finance.
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