Bitmine unveils $300M stock sale amid $9B ETH losses

• Bitmine offers 3 million shares with a 9.5% fixed dividend amidst 14-month Ether price lows
• New preferred stock mirrors Strategy’s move, promises stable income despite volatile altcoin market

On June 5, 2026, Cointelegraph reported that Bitmine Immersion Technologies launched a $300 million public offering of perpetual preferred stock following the success of Bitcoin treasury company Strategy’s initiative. Bitmine is issuing 3 million shares of its 9.5% Series A perpetual preferred stock at $100 each, with weekly dividends funded by income from its staked Ethereum holdings.

Bitmine’s shares will trade under the symbol BMNP within 30 days of the offering, providing investors a fixed-rate dividend regardless of ETH price volatility. The company’s staked Ethereum represents 4.49% of the total ETH supply, but Bitmine faces roughly $9 billion in unrealized losses after ETH fell to a 14-month low near $1,734.

Strategy’s perpetual preferred stock product (STRC), launched in July 2025, uses a variable-rate dividend mechanism and currently holds an $8.5 billion market cap. About 80% of STRC buyers are retail investors, according to SEC filings and Financial Times. Bitmine’s offering, in contrast, guarantees a fixed 9.5% payout, targeting investors seeking stable income during declining token prices and a turbulent altcoin market.

Proceeds from the offering are earmarked to expand Bitmine’s ETH holdings, upgrade staking infrastructure through its MAVAN network, and repurchase common stock. Bitmine expects to benefit from a “crypto spring” stabilizing the altcoin market, despite continued weakness in its own stock (BMNR), which is at its lowest since Bitmine pivoted to Ethereum in 2025.

As of June 5, 2026, 04:09 UTC, Ethereum (ETH) trades at $1,731.26, down 4.19%, according to CoinMarketCap.