Bitmine Eyes $300M Raise as It Closes In on 5% of All Ethereum
The company plans to use the proceeds to buy more ETH, expand its staking and validator operations, and repurchase common stock. 49% of Ethereum’s total supply. Bitmine Bets Bigger on Ethereum Bitmine Immersion Technologies is taking another big step in its Ethereum-focused treasury strategy by launching a $300 million perpetual preferred stock offering.
This move is very similar to the financing methods that was popularized by Michael Saylor’s Strategy. 5% Series A perpetual preferred stock, which will trade under the ticker symbol BMNP within 30 days of issuance. The offering is designed to provide investors with a fixed-income style investment tied to Bitmine’s growing Ethereum treasury operations.
Preferred stock occupies a middle ground between traditional stocks and bonds, allowing investors to receive regular dividend payments without directly participating in the company’s growth potential. 50 for every $100 share owned, with payments distributed on a weekly basis. To fund these dividends, Bitmine plans to use revenue generated from staking Ethereum.
This approach forms part of a growing trend among digital asset treasury firms that leverage blockchain-based yield generation to support investor returns. The strategy draws comparisons to Strategy’s STRC perpetual preferred stock, which launched in July of 2025. 5% yield.
Strategy’s preferred stock model has proven highly successful. 5 billion product in just nine months, making it the largest preferred stock by market capitalization globally. Bitmine intends to use the proceeds from the new offering for a variety of corporate purposes, including purchasing more ETH, expanding its staking and validator infrastructure through the Made in America Validator Network (MAVAN), and repurchasing common shares.
49% of the total ETH supply. Management stated that it is already 90% of the way toward achieving its ambitious “Alchemy of 5%” target, which seeks to secure ownership of 5% of all ETH in circulation. 3 billion based on current market prices.
However, recent market conditions have created some challenges. ETH experienced a lot of downward pressure , and declined more than 12% over the past week. Bitmine’s Ethereum holdings are currently associated with nearly $9 billion in unrealized losses.
ETH’s price action over the past week (Source: CoinCodex) Despite the market downturn, Bitmine Chairman Tom Lee is still optimistic about Ethereum’s long-term prospects. He recently argued that Ethereum’s market price does not accurately reflect the network’s improving fundamentals and suggested that the cryptocurrency market remains in the early stages of a new growth cycle.
