BitMine Immersion Technologies announced a preferred stock offering to raise up to $300 million. The move follows the playbook of Strategy as the firm manages large unrealized losses on its Ethereum holdings.
BitMine Immersion Technologies (BMNR) filed with the U.S. Securities and Exchange Commission on Wednesday to offer 3 million shares of Series A Perpetual Preferred Stock. Each share has a stated value of $100 and carries a 9.5% annual dividend paid weekly if declared by the board. The shares are planned for listing on the New York Stock Exchange under the ticker BMNP, subject to approval. The company aims to tap new funding sources for its digital asset treasury in line with peers such as Strategy. BitMine holds more than 5.3 million ETH, representing about 4.5% of Ethereum's circulating supply. The position carries an estimated unrealized loss of nearly $9 billion after ETH prices fell below $1,800. Chairman Tom Lee has maintained a long-term bullish view, recently stating at a conference in Paris that ETH could reach $250,000. The firm has staked over 4.7 million ETH, generating estimated annualized revenue of $276 million.
