Bitmine Targets $300M in Preferred Stock to Stack More ETH, Yields 9.50%

The Offering

The said it institution filed a preliminary prospectus supplement with the SEC connected June 3, 2026, pricing 3,000,000 shares astatine $100 stated magnitude per share. If completed, the offering would commercialized connected the New York Stock Exchange nether the ticker awesome BMNP, with trading expected to statesman wrong 30 days of issuance.

Moelis & Company and Cantor Fitzgerald are acting arsenic associated pb bookrunners.

Weekly Cash Dividends astatine 9.50%

Holders would person fixed cumulative dividends astatine 9.50% per annum, paid play successful currency erstwhile declared by the board. If immoderate dividend goes unpaid, compounding kicks in, starting astatine 9.50% positive 5 ground points and escalating 5 ground points per play up to a maximum complaint of 15% per annum.

Bitmine tin redeem the shares astatine 110% of the stated magnitude wrong the archetypal 18 months, 105% from 18 months to 3 years, and astatine par aft 3 years.

Where the Money Goes

Net proceeds, estimated successful the scope of $290 cardinal aft underwriting discounts and expenses, are designated for wide firm purposes. Those see buying further ETH and different integer assets, expanding the company’s MAVAN validator platform, moving capital, strategical investments tied to Ethereum ecosystem development, and imaginable buybacks nether the company’s existing $4 cardinal communal banal repurchase authorization.

A Treasury Built connected Ethereum

Bitmine held 5,416,901 ETH arsenic of May 31, 2026, representing astir 4.49% of ethereum’s circulating proviso of astir 120.7 cardinal ether tokens. The company’s stated goal, which it calls the “Alchemy of 5%,” is to accumulate astir 5% of each circulating ETH.

Approximately 4,718,677 ETH, oregon astir 87% of holdings, are actively staked. At prices adjacent $1,827 per ETH, that staked presumption carried a worth of astir $8.6 billion. Combined with astir 203 BTC, $446 cardinal successful cash, and equity stakes successful Beast Industries and Eightco Holdings, the institution reported full crypto, cash, and strategical holdings of astir $11.6 billion.

Staking Revenue arsenic Dividend Backstop

The company’s annualized staking gross is projected astatine astir $258 cardinal based connected a 2.73% seven-day yield, rising to an estimated $296 cardinal astatine afloat operational standard done MAVAN and spouse infrastructure. The yearly dividend work connected the $300 cardinal preferred offering amounts to astir $28.5 million, leaving staking income covering that fig by a origin of 9 to 10 times astatine existent projections.

MAVAN, which launched successful March 2026 arsenic an institutional-grade staking platform, initially serves Bitmine’s ain assets but is expanding to outer institutions and custodians.

Following the Strategy Model

The operation mirrors high-yield preferred instruments issued by Strategy, similar STRC, which has traded successful the 9% to 11.5% output range. Bitmine president Tom Lee, co-founder and caput of probe astatine Fundstrat Global Advisors, has positioned the institution arsenic an ethereum-native counterpart to Strategy’s bitcoin treasury approach.

BMNR communal shares declined astir 6% astir the clip of the announcement. ETH was down astir 2% intraday.

What to Watch

The offering is projected and taxable to marketplace conditions. Final pricing, terms, and closing details volition beryllium filed via supplemental SEC disclosures and an 8-K. Investors tin show EDGAR filings nether CIK 0001829311 for real-time updates. Meanwhile, with ether prices trading astatine specified depressed levels, Lee and Bitmine are carrying unrealized losses approaching $9 billion.