Bitmine unveils $300M ETH-backed shares as prices hit 14-month low

• Bitmine issues $300M Series A preferred shares powered by 4.7 million staked ETH.
• Offering pursues stable 9.5% yield for investors despite Ether price downturn.

On June 5, 2026 (UTC), CoinDesk reported that Bitmine Immersion Technologies (NYSE: BMNR) announced a $300 million perpetual Series A preferred stock offering (BMNP), aiming to raise capital by leveraging income from its substantial Ethereum holdings. The company will issue 3 million shares priced at $100 each, offering a fixed 9.5% annual dividend funded by returns from over 4.7 million staked Ether—representing roughly 4.5% of ETH’s total circulating supply.

Bitmine’s initiative is designed to deliver consistent weekly dividends, even as Ether remains under pressure. On announcement, ETH traded at $1,734.561—its lowest price in 14 months—and Bitmine’s unrealized losses topped nearly $9 billion. Despite these market challenges, the BMNP preferred share structure aims to provide investors with stable yield, mitigating the impact of ongoing price volatility.

The structure of BMNP closely reflects a model first used by Strategy’s STRC shares, but with key distinctions. Bitmine’s product offers a fixed-rate dividend funded through Ethereum staking, while STRC ties its variable rate to Bitcoin mining income. STRC’s success—with $8.5 billion market cap, driven largely by retail investors—established perpetual preferred stock as a credible crypto-backed investment vehicle. Bitmine’s version targets yield-focused investors seeking returns shielded from direct coin price exposure.

Proceeds from the BMNP offering will fund Bitmine’s expansion of staking operations, further accumulation of ETH, and potential common stock repurchases. This capital strategy aligns with a broader trend: crypto treasury companies increasingly use staked assets to support traditional financing, even as underlying coin prices weaken. Bitmine’s leadership, including chairman Tom Lee, emphasizes ongoing strength in Ethereum’s ecosystem fundamentals, suggesting potential for future value appreciation.

By introducing fixed-yield perpetual preferred shares, Bitmine creates a bridge between crypto staking rewards and conventional finance, reinforcing the momentum behind yield-driven altcoin strategies. Even as Ether faces sustained weakness, institutional activity in validator infrastructure and staking is on the rise—signaling growing resilience in the market.

As of June 5, 2026, 05:09 UTC, Ethereum (ETH) trades at $1,734.561, down 2.998% over the past 24 hours, according to CoinMarketCap.