BitMine Immersion Technologies Launches $300 Million Preferred Stock Offering With 9.5% Dividend

BitMine Immersion Technologies (BMNR), an Ethereum treasury company led by Fundstrat co-founder Tom Lee, is launching a $300 million preferred stock offering as crypto treasury firms seek new funding sources.

“Tom Lee's Bitmine borrows a page from Saylor's playbook to offer 9”

@coindesk

CoinDesk said the company is offering 3 million shares of its Series A Perpetual Preferred Stock at a stated value of $100 per share, with a 9.5% annual dividend rate and dividends paid weekly in cash if declared by the company's board.

@coindesk

The preferred shares will be listed on the New York Stock Exchange (NYSE) under the ticker BMNP, subject to approval, BitMine said, and the filing did not specify how the company intends to use the proceeds.

CoinDesk also said BitMine has accumulated more than 5.3 million ETH worth roughly $10 billion and controls about 4.5% of Ethereum's circulating supply over the past year, with that ETH bet sitting at an estimated $9 billion unrealized loss as ETH prices fell below $1,800 from around $5,000 in October.

Michael Saylor’s Strategy (NASDAQ: MSTR) sold 32 Bitcoin between May 26 and May 31 for $2.5 million, according to a Monday filing cited by Cryptopolitan, breaking from a long-running “buy, hold, and do not sell” identity.

Cryptopolitan said the average price was $77,135 per coin after fees and expenses, and that over the same stretch Strategy also sold 801,994 common shares and raised $128.3 million.

The Economic Times

The Economic Times said the proceeds are intended to help fund distributions on the company’s preferred stock, framing the move as tied to preferred dividend obligations.

Cryptopolitan added that Strategy’s cash reserve created on December 1, 2025 stood at $900 million by May 31, 2026, and that the company said it will keep the regular annual dividend rate on its Variable Rate Series A Perpetual Stretch Preferred Stock (STRC) at 11.50%.

Cryptopolitan reported that Strategy’s MSTR stock crashed by more than 6% after the trading floor opened, while Bitcoin was described as at its weakest level since January as BTC quickly crashed to $69,000 in reaction to the news.

“BitMine Immersion Technologies (BMNR), an Ethereum treasury company led by Fundstrat co-founder Tom Lee, is borrowing a page from Strategy's financing playbook and launching a $300 million preferred stock offering as crypto treasury firms search for new ways to secure funding”

CoinDesk

The Economic Times said Strategy currently holds around 843,706 bitcoin, valued at more than $60 billion at current prices, and noted that the preferred shares include instruments such as Stretch with a variable dividend of about 11.5%.

CoinDesk said BitMine’s preferred stock can be redeemed by the company at premiums ranging from 10% to 0% depending on when the redemption occurs, and that holders will also have repurchase rights if certain fundamental corporate changes occur.

CoinDesk also said the timing is notable given pressure on Strategy’s preferred equity funding model, including that Strategy’s STRC preferred stock fell 5% below its $100 par value on Wednesday as investors debated whether the company can maintain its dividend payments while bitcoin prices slide.