BitMine Immersion Technologies is moving deeper into crypto treasury trading in the public market, filing a preferred stock offering that could help fund additional Ethereum purchases and validation infrastructure. The structure brings the company closer to the capital market model popularized by Michael Saylor’s strategy, but with ETH rather than Bitcoin as the base reserve asset.
The Norwalk, Connecticut-based company announced plans to offer 3,000,000 shares of 9.50% Series A perpetual preferred stock in a public offering registered under the Securities Act. The preferred shares carry a stated amount of $100 per share, implying a potential issuance of $300 million if sold at that level, although the company said the deal remains subject to market and other conditions.
BitMine files yield bid as it builds Ethereum treasury
BitMine has largely framed the product, but Ethereum is at the center of the file. The company said it intends to use the net proceeds “for general corporate purposes, which may include acquiring additional ETH and other digital assets; the expansion of the Company’s staking and validation infrastructure, including through MAVAN; working capital; strategic investments aligned with the Ethereum ecosystem and broader adoption of digital assets; and/or the repurchase of common shares of the Company under its share repurchase program. »
BitMine is committed to using ETH as its primary treasury reserve asset and claims to use native protocol-level activities, including staking and decentralized finance mechanisms, as part of this strategy. In 2026, the company launched MAVAN, or Made-in America VAlidator Network, as a dedicated staking infrastructure for BitMine assets.
The comparison with Saylor’s strategy comes from the financing mechanism. Strategy has built its Bitcoin treasury model not only through common stock and convertible debt, but also through preferred stock products (STRC and STRF) designed to attract yield-oriented investors while raising capital for digital asset accumulation.
BitMine now applies a similar model to Ethereum: issue a yield-bearing security on the public markets, use the proceeds flexibly, and channel a portion of the capital into a crypto treasury asset surrounded by institutional market wrapping.
Preferred stock itself is structured as a cash payment instrument. BitMine said the Series A Preferred Stock will accrue cumulative dividends at a fixed rate of 9.50% per annum on the stated amount of $100, whether or not dividends are declared or funds are legally available for payment. “Regular dividends on the Series A Preferred Stock will be payable when, as and if declared by the Board of Directors of BMNR, from funds legally available for payment thereof, each week in arrears,” the company said. “Regular dividends declared on the Series A Preferred Stock will be payable in cash only.”
The filing also includes a penalty mechanism if dividends are not paid on time. Any accrued unpaid regular dividends would themselves begin to accrue additional dividends, compounded weekly. The compound dividend rate is initially equal to 9.50% plus 5 basis points, based on a regular weekly dividend period, and increases by an additional 5 basis points for each subsequent period until paid in full, capped at 15% per annum.
BitMine will retain redemption flexibility. The Company may redeem the preferred shares in whole or in part for cash at 110% of the declared amount during the first 18 months after issuance, 105% from 18 months to three years and 100% after three years, plus accrued and unpaid dividends. It can also repurchase all outstanding preferred shares if the remaining total falls below 25% of the original issue or if certain tax events occur.
Holders also benefit from protection in the event of a “fundamental change”. If such an event occurs pursuant to the Certificate of Designation, Preferred Stockholders may require BitMine to repurchase all or part of their shares for cash in the amount specified, plus accrued and unpaid regular dividends.
BitMine has applied to list the preferred shares on the New York Stock Exchange under the symbol BMNP. If approved, the company expects trading to begin within 30 days of the first issuance of the shares. Moelis & Company and Cantor act as joint lead managers.
At press time, Ethereum was trading at $1,793.
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