Nikolas Sargeant
TL;DR
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Bitmine files for public offering of 9.5% yield preferred stock as It expands Ethereum strategy.
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The company has applied to list the shares on the New York Stock Exchange under the symbol BMNP.
Bitmine, the world’s largest Ethereum treasury company, has filed an application with the U.S. Securities and Exchange Commission (SEC) to launch a public offering of its Series A perpetual preferred stock.
According to the Wednesday filing, the company plans to issue 3 million shares, each carrying a fixed cumulative dividend rate of 9.50% annually based on a $100 per-share value.
Weekly Dividends With Rising Yield Structure
The proposed preferred shares include a structured income model designed to attract yield-focused investors.
Key terms include:
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Dividend rate: 9.50% annually
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Payment schedule: Weekly in arrears (cash payments when declared)
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Accrual feature: Unpaid dividends compound over time
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Step-up mechanism: Rate starts at 9.55%, increasing by 5 basis points per period
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Maximum cap: Up to 15%
This structure places the instrument in the high-yield preferred equity category, appealing to investors seeking steady income exposure tied to crypto-linked firms.
Bitmine has applied to list the shares on the New York Stock Exchange (NYSE) under the ticker BMNP, with trading expected to begin within 30 days of the initial issuance.
The offering is being led by Moelis & Company and Cantor Fitzgerald, who are serving as joint bookrunners.
Funds to Support Ethereum Accumulation and Staking Expansion
The company said it intends to use the proceeds for general corporate purposes, including purchasing additional ETH, expanding its staking operations, and supporting broader treasury strategy initiatives
This aligns with Bitmine’s ongoing positioning as a large-scale Ethereum accumulator and yield-generating treasury vehicle.
Bitmine’s move mirrors the approach used by Strategy, which issued its high-yield perpetual preferred stock STRC, offering an 11.5% dividend rate.
STRC has attracted strong demand from income-focused investors seeking indirect exposure to Bitcoin, with Strategy expanding the program through multiple follow-on issuances.
The success of STRC has helped establish a template for crypto treasury firms tapping public markets for yield-driven capital.
