BitMine Immersion Technologies is moving deeper into public market crypto trading, filing for a preferred stock offering that could help fund additional Ethereum purchases and validation infrastructure. This structure brings the company closer to the capital markets model popularized by the Michael Saylor strategy, but with ETH rather than Bitcoin as its core reserve asset.
The Norwalk, Conn.-based company announced that it intends to offer 3,000,000 shares of its 9.50% Series A perpetual preferred stock in a public offering registered under the Securities Act. The preferred stock has a listed price of $100 per share, and if sold at that level could result in a $300 million issuance, but the company said the deal remains subject to market and other conditions.
BitMine files generate offerings when building an Ethereum treasury
BitMine has categorized its revenue broadly, but Ethereum is at the center of its declaration. The company said it intends to use the net proceeds for “general corporate purposes, including the acquisition of additional ETH and other digital assets, expansion of our staking and validator infrastructure, including MAVAN, working capital, strategic investments aligned with the Ethereum ecosystem and broader digital asset adoption, and/or the repurchase of our common stock pursuant to our share repurchase program.”
BitMine is committed to ETH as its primary financial reserve asset and says it uses native protocol-level activities, including staking and decentralized finance mechanisms, as part of its strategy. In 2026, the company launched MAVAN (Made-in America VALidator Network) as a staking infrastructure dedicated to BitMine assets.
The comparison with Saylor’s Strategy is based on the funding mechanism. Strategy has built a Bitcoin financial model not only through common stock and convertible debt, but also through preferred stock products (STRC and STRF) designed to attract yield-focused investors while raising capital for digital asset accumulation.
BitMine is currently applying a similar template to Ethereum. This means issuing high-yield securities in the public market, using the proceeds flexibly, and directing some of the funds to crypto assets with institutional market packages.
The preferred stock itself is structured as a cash payment instrument. According to Bitmine, Series A preferred stock accumulates cumulative dividends at a fixed rate of 9.50% per year on a stated amount of $100, regardless of whether dividends are declared or the funds are legally payable. “Regular dividends on the Series A Preferred Stock will be paid weekly in arrears from legally payable funds in accordance with the declaration of the BMNR Board of Directors,” the company said. “Declared periodic dividends on the Series A Preferred Stock will be paid in cash only.”
This tax return also includes a penalty system if dividends are not paid on time. Any unpaid cumulative periodic dividends will begin to accumulate additional dividends compounded weekly. The compounding dividend rate will initially be equal to 9.50% plus 5 basis points, based on the weekly regular dividend period, and increase by an additional 5 basis points in each subsequent period until paid in full, capped at 15% per year.
BitMine maintains redemption flexibility. The Company may redeem all or part of its preferred stock for cash at 110% of its stated amount during the first 18 months after issuance, 105% after 18 months and 3 years, and 100% after 3 years, plus any accumulated and unpaid dividends. We may also redeem all of our outstanding preferred stock if the total remaining amount is less than 25% of the original issue amount or if certain tax events occur.
Holders also receive protection in the event of a “fundamental change”. If such an event occurs under the Designation Certificate, preferred stockholders may require BitMine to repurchase some or all of their shares for cash in the stated amount plus any accumulated and unpaid periodic dividends.
BitMine has applied to list its preferred stock on the New York Stock Exchange under the ticker BMNP. If approved, trading is expected to begin within 30 days of the initial issuance of shares. Moelis & Company and Cantor are acting as joint lead managers.
At the time of writing, Ethereum was trading at $1,793.
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