Ethereum-focused treasury company Bitmine has filed to offer 3 million shares of its 9.50% Series A Perpetual Preferred Stock in a public offering.
The company says proceeds will be used to support a range of corporate and Ethereum-related initiatives.
Details of Bitmine’s New Offering
In its filing with the U.S. Securities and Exchange Commission (SEC), Bitmine states the net proceeds may be allocated for general corporate purposes, including purchasing additional ETH and other digital assets, expanding staking and validator infrastructure through its MAVAN platform, meeting working capital needs, pursuing strategic investments tied to the Ethereum ecosystem and wider digital asset adoption, and potentially repurchasing common stock under an existing buyback program.
The Series A preferred shares will carry cumulative dividends at a fixed annual rate of 9.50% based on a stated value of $100 per share. Dividends will be payable in cash when declared by the board of directors. If a declared dividend is not paid when scheduled, additional compounded dividends will accrue weekly, and the applicable rate will gradually increase up to a maximum of 15% per year until the outstanding amount is fully settled.
Bitmine has applied to list the preferred shares on the New York Stock Exchange under the ticker symbol “BMNP.” If the listing is approved, trading is expected to begin within 30 days of the initial issuance.
The proposed structure resembles a model used by Strategy’s STRC perpetual preferred stock, which offers an 11.5% dividend and has appealed to investors seeking monthly income and indirect exposure to Bitcoin. After raising roughly $2.52 billion in its initial issuance in July 2025 and expanding through follow-on offerings, the total notional amount of STRC has grown substantially.
Aggressive ETH Accumulation and Treasury Position
Bitmine reports its Ethereum holdings have reached about 5.42 million ETH, which the company says represents roughly 90% of its stated target to control 5% of all ETH supply. Of that total, approximately 4.72 million ETH are currently staked, with a portion secured via the MAVAN staking platform.
As one of the sector’s most active acquirers, Bitmine has built the largest ETH treasury and the second-largest overall crypto treasury after Strategy. The steep decline in Ethereum prices—down more than 45% year to date—has created substantial pressure for companies holding large crypto treasuries. Estimates indicate Bitmine is carrying significant unrealized losses as a result of the market downturn.
Despite the recent market weakness, some industry figures remain optimistic about Ethereum’s prospects. Bitmine’s chairman and other market commentators have offered bullish takes on a potential market recovery and longer-term adoption trends within the crypto ecosystem.