{"id":73531,"date":"2026-06-04T08:09:50","date_gmt":"2026-06-04T08:09:50","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/bitmine-targets-300m-in-preferred-stock-to-stack-more-eth-yields-9-50-bitcoin-news\/"},"modified":"2026-06-04T08:09:50","modified_gmt":"2026-06-04T08:09:50","slug":"bitmine-targets-300m-in-preferred-stock-to-stack-more-eth-yields-9-50-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/bitmine-targets-300m-in-preferred-stock-to-stack-more-eth-yields-9-50-bitcoin-news\/","title":{"rendered":"Bitmine Targets $300M in Preferred Stock to Stack More ETH, Yields 9.50% \u2013 Bitcoin News"},"content":{"rendered":"<p><b>(Originally posted on : Bitcoin News )<\/b><br \/>\n<\/p>\n<div>\n<div class=\"@container mb-[25px] rounded-sm overflow-clip py-0.5 pr-0.5 pl-2.5 bg-success-100\">\n<div class=\"flex flex-col gap-m overflow-clip rounded-[6px] !bg-success-10 p-3 @[420px]:p-m\">\n<h2 class=\"m-0 flex items-center gap-s text-[19px] !text-[#1c1c1c] md:text-[20px]\"><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"16\" height=\"10\" viewbox=\"0 0 16 10\" fill=\"none\" class=\"shrink-0 text-success-100\" aria-hidden=\"true\"><path d=\"M1 1.5h14\" stroke=\"currentColor\" stroke-width=\"2.5\" stroke-linecap=\"round\"\/><path d=\"M1 8.5h10\" stroke=\"currentColor\" stroke-width=\"2.5\" stroke-linecap=\"round\"\/><\/svg><span>Key Takeaways<\/span><\/h2>\n<ul class=\"m-0 flex list-none flex-col gap-m pl-0\">\n<li class=\"m-0 flex items-start gap-s !text-[#434248]\"><span class=\"mt-2 size-2 shrink-0 rounded-full bg-success-100\" aria-hidden=\"true\"\/><span class=\"text-body\">Bitmine filed to raise $300M through 9.50% perpetual preferred stock on June 3, 2026, backed by Moelis and Cantor Fitzgerald.<\/span><\/li>\n<li class=\"m-0 flex items-start gap-s !text-[#434248]\"><span class=\"mt-2 size-2 shrink-0 rounded-full bg-success-100\" aria-hidden=\"true\"\/><span class=\"text-body\">The company holds 5,416,901 ETH worth roughly $9.89B total (using current exchange rates), with projected staking income of up to $296M annually covering the $28.5M dividend obligation.<\/span><\/li>\n<li class=\"m-0 flex items-start gap-s !text-[#434248]\"><span class=\"mt-2 size-2 shrink-0 rounded-full bg-success-100\" aria-hidden=\"true\"\/><span class=\"text-body\">BMNR applied to list the preferred shares on NYSE under BMNP, with trading expected within 30 days of issuance pending approval.<\/span><\/li>\n<\/ul>\n<\/div>\n<\/div>\n<h2>The Offering<\/h2>\n<p>The <a href=\"https:\/\/www.prnewswire.com\/news-releases\/bitmine-immersion-technologies-announces-proposed-series-a-perpetual-preferred-stock-offering-302790811.html\" target=\"_blank\" rel=\"noopener noreferrer\">said<\/a> it company filed a <a href=\"https:\/\/www.sec.gov\/Archives\/edgar\/data\/1829311\/000149315226027136\/form424b5.htm\" target=\"_blank\" rel=\"noopener noreferrer\">preliminary prospectus<\/a> supplement with the SEC on June 3, 2026, pricing 3,000,000 shares at $100 stated amount per share. If completed, the offering would trade on the New York Stock Exchange under the ticker symbol BMNP, with trading expected to begin within 30 days of issuance.<\/p>\n<p>Moelis &amp; Company and Cantor Fitzgerald are acting as joint lead bookrunners.<\/p>\n<p>Weekly Cash Dividends at 9.50%<\/p>\n<p>Holders would receive fixed cumulative dividends at 9.50% per annum, paid weekly in cash when declared by the board. If any dividend goes unpaid, compounding kicks in, starting at 9.50% plus 5 basis points and escalating 5 basis points per period up to a maximum rate of 15% per annum.<\/p>\n<p>Bitmine can redeem the shares at 110% of the stated amount within the first 18 months, 105% from 18 months to three years, and at par after three years.<\/p>\n<h2>Where the Money Goes<\/h2>\n<p>Net proceeds, estimated in the range of $290 million after underwriting discounts and expenses, are designated for general corporate purposes. Those include buying additional <span>ETH<\/span> and other digital assets, expanding the company\u2019s MAVAN validator platform, working capital, strategic investments tied to Ethereum ecosystem development, and potential buybacks under the company\u2019s existing $4 billion common stock repurchase authorization.<\/p>\n<h2>A Treasury Built on Ethereum<\/h2>\n<p>Bitmine held 5,416,901 <span>ETH<\/span> as of May 31, 2026, representing roughly 4.49% of ethereum\u2019s circulating supply of approximately 120.7 million ether tokens. The company\u2019s stated goal, which it calls the \u201cAlchemy of 5%,\u201d is to accumulate roughly 5% of all circulating <span>ETH<\/span>.<\/p>\n<p> <iframe src=\"https:\/\/markets.bitcoin.com\/crypto\/ethereum\/embed\" width=\"100%\" style=\"max-height:500px;height:500px;border:none;overflow:hidden;border-radius:4px\" scrolling=\"no\" title=\"ethereum market data\"><\/iframe> <\/p>\n<p>Approximately 4,718,677 <span>ETH<\/span>, or about 87% of holdings, are actively staked. At prices near $1,827 per <span>ETH<\/span>, that staked position carried a value of around $8.6 billion. Combined with roughly 203 <span>BTC<\/span>, $446 million in cash, and equity stakes in Beast Industries and Eightco Holdings, the company reported total <span>crypto<\/span>, cash, and strategic holdings of approximately $11.6 billion.<\/p>\n<h2> <span>Staking<\/span> Revenue as Dividend Backstop<\/h2>\n<p>The company\u2019s annualized <span>staking<\/span> revenue is projected at approximately $258 million based on a 2.73% seven-day yield, rising to an estimated $296 million at full operational scale through MAVAN and partner infrastructure. The annual dividend obligation on the $300 million preferred offering amounts to roughly $28.5 million, leaving <a href=\"http:\/\/www.bitcoin.com\/get-started\/what-is-staking\/\" class=\"lar_link lar_link_outgoing\" target=\"_blank\" rel=\"noopener noreferrer\">staking<\/a> income covering that figure by a factor of nine to ten times at current projections.<\/p>\n<p><a href=\"https:\/\/news.bitcoin.com\/tom-lees-bitmine-launches-mavan-instantly-becomes-worlds-largest-ethereum-staking-platform\/\">MAVAN<\/a>, which launched in March 2026 as an institutional-grade <a href=\"http:\/\/www.bitcoin.com\/get-started\/what-is-staking\/\" class=\"lar_link lar_link_outgoing\" target=\"_blank\" rel=\"noopener noreferrer\">staking<\/a> platform, initially serves Bitmine\u2019s own assets but is expanding to external institutions and custodians.<\/p>\n<h2>Following the Strategy Model<\/h2>\n<p>The structure mirrors high-yield preferred instruments issued by Strategy, like <a href=\"https:\/\/news.bitcoin.com\/strategy-strc-pays-farmers-father-11-5-yield-critics-call-it-a-bitcoin-bait-and-switch\/\">STRC<\/a>, which has traded in the 9% to 11.5% yield range. Bitmine chairman Tom Lee, co-founder and head of research at Fundstrat Global Advisors, has positioned the company as an ethereum-native counterpart to Strategy\u2019s <a href=\"https:\/\/www.binance.com\/en\/price\/bitcoin\" class=\"lar_link lar_link_outgoing\" target=\"_blank\" rel=\"noopener noreferrer\">bitcoin<\/a> treasury approach.<\/p>\n<p>BMNR common shares declined approximately 6% around the time of the announcement. <a href=\"https:\/\/branch.wallet.bitcoin.com\/news-contextual-eth\" class=\"lar_link lar_link_outgoing\" target=\"_blank\" rel=\"noopener noreferrer\">ETH<\/a> was down roughly 2% intraday.<\/p>\n<h2>What to Watch<\/h2>\n<p>The offering is proposed and subject to market conditions. Final pricing, terms, and closing details will be filed via supplemental SEC disclosures and an 8-K. Investors can monitor EDGAR filings under CIK 0001829311 for real-time updates. Meanwhile, with ether prices trading at such depressed levels, Lee and Bitmine are carrying unrealized losses approaching $9 billion.<\/p>\n<\/p><\/div>\n<p><a href=\"https:\/\/news.bitcoin.com\/bitmine-targets-300m-in-preferred-stock-to-stack-more-eth-yields-9-50\/\">Source link <\/a><br \/>\n<br \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>(Originally posted on : Bitcoin News ) Key Takeaways Bitmine filed to raise $300M through 9.50% perpetual preferred stock on June 3, 2026, backed by Moelis and Cantor Fitzgerald. The company holds 5,416,901 ETH worth roughly $9.89B total (using current exchange rates), with projected staking income of up to $296M annually covering the $28.5M dividend [&hellip;]<\/p>\n","protected":false},"author":19,"featured_media":73532,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[32],"tags":[],"_links":{"self":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/73531"}],"collection":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/users\/19"}],"replies":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/comments?post=73531"}],"version-history":[{"count":0,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/73531\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media\/73532"}],"wp:attachment":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media?parent=73531"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/categories?post=73531"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/tags?post=73531"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}