BitMine Immersion Technologies · Michael Saylor · Ethereum · Strategy · CoinDesk
Tom Lee's Bitmine borrows a page from Saylor's playbook to offer 9.5% yield in preferred stocks
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BitMine Immersion Technologies (BMNR), an Ethereum treasury company led by Fundstrat co-founder Tom Lee, is borrowing a page from Strategy's financing playbook and launching a $300 million preferred stock offering as crypto treasury firms search for new ways to secure funding.
Key facts
- According to a Wednesday filing with the U.S. Securities and Exchange Commission (SEC), the company is offering 3 million shares of its Series A Perpetual Preferred Stock at a stated value of $100
- The firm has been among the most aggressive buyers in the sector, accumulating more than 5.3 million ETH worth roughly $10 billion and controlling about 4.5% of Ethereum's circulating supply
- BitMine Immersion Technologies (BMNR), an Ethereum treasury company led by Fundstrat co-founder Tom Lee, is borrowing a page from Strategy's financing playbook and launching a $300 million preferred
- The firm's STRC preferred stock fell 5% below its $100 par value on Wednesday as investors debate whether the company can comfortably maintain its dividend payments while bitcoin prices slide
Summary
Bitmine is offering perpetual preferred stocks with a 9.5% annual dividend, aiming to raise up to $300 million, a company filing shows. The firm is following the steps of bitcoin-centric peers like Michael Saylor's Strategy to tap new sources for funding digital asset treasuries. The preferred shares will be listed on the New York Stock Exchange (NYSE) under the ticker BMNP. According to a Wednesday filing with the U.S. Securities and Exchange Commission (SEC), the company is offering 3 million shares of its Series A Perpetual Preferred Stock at a stated value of $100 per share.