Bitmine Immersion Technologies plans $300M preferred stock offering to buy more Ethereum

Bitmine Immersion Technologies is reaching for more Ethereum, and it’s willing to pay nearly double-digit yields to get it.

The NYSE-listed firm (ticker: BMNR) announced plans to issue 3 million shares of 9.50% Series A Perpetual Preferred Stock, priced at a stated value of $100 each. If fully subscribed, the offering would generate up to $300M in gross proceeds. The new shares are expected to trade on the NYSE under the ticker BMNP, pending approvals.

The primary use of proceeds: buying more ETH, expanding staking infrastructure, and potentially repurchasing common stock.

The numbers behind Bitmine’s Ethereum war chest

As of early June 2026, Bitmine holds roughly 5.42 million ETH. That stash represents approximately 4.3% to 4.5% of Ethereum’s total supply, valued somewhere between $10B and $11.6B depending on the day.

Those numbers sound impressive until you consider the context. The company is sitting on an unrealized loss exceeding $9B, a consequence of accumulating aggressively during periods of price strength that have since faded. The portfolio was worth north of $13B at previous highs.

The company’s stated ambition is to reach 5% of total ETH supply through what it calls the “Alchemy of 5%” strategy. That gap between 4.3% and 5% might look small in percentage terms, but closing it requires acquiring hundreds of thousands of additional ETH tokens at current supply levels.

Unlike issuing new common shares, which dilutes existing shareholders directly, preferred shares sit in a different layer of the capital structure. Holders get priority on dividends and, typically, in liquidation scenarios. The tradeoff for Bitmine is straightforward: it avoids diluting common stockholders but commits to a fixed 9.50% annual dividend obligation, payable weekly in cash if declared by the board.

A 9.50% yield on $300M in preferred stock translates to roughly $28.5M per year in dividend obligations.

MAVAN and the staking infrastructure play

Part of the proceeds will fund expansion of MAVAN, the company’s institutional staking platform launched earlier this year.

Staking is how Ethereum’s proof-of-stake network validates transactions and secures the blockchain. Validators lock up ETH and earn rewards for doing so. For a company holding 5.42 million ETH, even modest staking yields generate substantial returns in absolute terms.

MAVAN positions Bitmine to earn yield on its own holdings while also offering staking services to institutional clients.

Tom Lee, co-founder of Bitmine and well-known in financial circles as Fundstrat’s managing partner and a longtime crypto bull, has been vocal about Ethereum’s long-term value proposition.

What this means for investors

The preferred stock offering creates a new kind of instrument in the public crypto equity space. A 9.50% annual yield, paid weekly, from a company whose primary balance sheet asset is Ethereum. Bitmine’s ability to pay that dividend depends on the health of its ETH treasury and its staking revenue.

The unrealized loss of over $9B already signals the danger. Bitmine accumulated much of its ETH at higher prices, and the position hasn’t recovered.

The risk investors should watch most closely is the gap between the 9.50% dividend obligation and the yield Bitmine can actually generate from its ETH holdings through staking and other means. Perpetual preferred stock, by definition, has no maturity date, meaning that obligation doesn’t expire.

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