Bitmine Considers Dividend-Paying Preferred Shares Inspired by Strategy’s Model

The development comes as the price of Ether dropped below $1,750 on Thursday, marking its lowest level in roughly 14 months.

Bitmine Immersion Technologies is rolling out a $300 million perpetual preferred stock offering, adopting a financing approach similar to the strategy previously used by Strategy.

Bitmine Immersion Technologies informed the SEC on Wednesday that it plans to offer 3 million shares of its 9.5% Series A perpetual preferred stock at a price of $100 per share, with trading under the ticker BMNP expected to begin within 30 days after issuance.

Preferred shares are considered a blend of equity and debt instruments. Rather than wagering on company growth, capital is provided by investors in return for scheduled payouts. For each $100 share issued, weekly dividends will be paid by Bitmine, totaling $9.50 annually.

The company intends to fund those dividend payments through revenue generated from its staked Ether holdings, following a model similar to the one adopted by Strategy for its treasury-related offerings.

Strategy introduced its Stretch (STRC) perpetual preferred stock in July 2025. Unlike Bitmine’s BMNP, which carries a fixed yield, STRC operates with a variable rate that is adjusted monthly by Strategy to help keep its market price close to the $100 level.

According to a May SEC filing, STRC has grown to $8.5 billion in value within just nine months and has become the world’s largest preferred stock by market capitalization.

“Digital Credit, highlighted by STRC, has been a big success. STRC has shown strong demand, high liquidity, and low volatility,” said Phong Le, Strategy president and CEO.

In March, Andrew Le said that retail investors accounted for approximately 80% of STRC holders.

Bitmine Plans to Use New Capital for Ether Expansion and Share Buybacks

Bitmine Immersion Technologies said the net proceeds from the proposed offering are expected to support general corporate activities, including additional purchases of Ether, expansion of staking and validator operations through the Made in America Validator Network (MAVAN), and the repurchase of common shares.

Bitmine Immersion Technologies announced on Monday that it now controls 4.49% of the total circulating Ether supply and has achieved roughly 90% of its “Alchemy of 5%” objective within only 11 months.

The firm holds approximately 4.7 million staked Ether, valued at about $8.3 billion based on current market prices. At the same time, unrealized losses tied to those holdings stand at nearly $9 billion.

The perpetual stock offering arrives during a challenging period for Ether holders, with the asset declining more than 12% over the past week and touching a 14-month low of $1,734 in early Thursday trading.

“In our view, ETH prices are not reflecting the strengthening of Ethereum fundamentals, but then again, this is not surprising given we are in the early stages of crypto spring,” said Bitmine chairman Tom Lee on Monday.

Shares of Bitmine Immersion Technologies dropped nearly 6% on Wednesday to $16.90, marking their lowest price since the company shifted its focus to Ethereum in June 2025, according to Google Finance data.