BitMine Immersion Technologies is seeking $300 million through a preferred stock sale that would pay a 9.5% annual dividend and, if approved, be listed on the New York Stock Exchange. The filing gives the Tom Lee-led company new money it can use to add more Ether while tying investor returns to a cash payout declared by the board.
A new way to finance the purchase of ether
The company announced plans to sell 3 million shares at $100 each, according to a supplement filed with the SEC. BitMine also said the dividend would be paid in cash if the board declared it, making the structure different from just a one-time stock sale.
The deposit goes further than a normal fundraising note. BitMine said its business strategy is now focused on the Ethereum blockchain, ETH, staking, validator infrastructure and treasury management.
Tom Lee / @BitMNR just filed to raise $300 million via 9.5% preferred shares while ETH is down. This seems like a deliberate move to accelerate accumulation. They are likely planning to use their current cash to buy $ETH aggressively right now, while the preferred offering…
— SolarEtherPunk.eth
(@SolarEtherPunk) June 4, 2026
(@SolarEtherPunk) June 4, 2026This gives the increase a clear objective. Based on the filing, the preferred shares are intended to support BitMine’s efforts to continue growing its Ether holdings rather than remaining idly capital.
Ethereum exposure comes with chains
BitMine cautioned that its results remain closely tied to the price of Ether, the economics of staking, regulation and counterparty risk in digital asset trading. The company is attracting new capital, but it is also publicly betting more on the token’s next move.
The company said it intends to seek a listing on the New York Stock Exchange for the preferred shares, with a ticker to be announced later. The reports also highlighted growing institutional interest in Ethereum following US spot ETFs and BlackRock’s move into tokenized financial products.
A trend borrowed from Bitcoin Treasury games
The move follows a pattern that has already appeared at other crypto-intensive public companies. Strategy’s STRC and Strive’s SATA have shown how preferred shares can be used to raise liquidity while keeping the market focused on exposure to digital assets.
Strive recently increased its ASST and SATA offerings by $2.1 billion each, while a vote on Strategy’s biweekly STRC dividend proposal was scheduled to end on June 8. BitMine’s version moves this same funding model to Ether instead of Bitcoin.
For now, the speech is clear. Pay a high return, raise new capital and continue investing in Ethereum. The file presents the benefits and risks in the same breath.
At the time of writing, Ethereum was trading at $1,745, down 12% over the past week, according to Coingecko data.
Featured image from Pexels, chart from TradingView
