HomeLatest NewsBitMine sells preferred shares to fund ETH buys after $8B loss

BitMine sells preferred shares to fund ETH buys after $8B loss

Posted: 4 June 2026, 04:32 CET 2 min read

BitMine will offer 3 million 9.5% perpetual preferred shares at $100 to raise up to $300 million for ETH purchases, staking and MAVAN validator expansion while reporting over $8 billion in unrealized ETH losses.

BitMine Immersion Technologies filed to sell 3 million shares of Series A perpetual preferred stock at a $100 stated amount, offering a 9.50% dividend to raise up to $300 million. Moelis & Company and Cantor Fitzgerald are joint lead bookrunners and the shares are expected to trade under the ticker BMNP if the New York Stock Exchange approves the listing. BitMine said net proceeds would be used to buy more ETH, increase staking, grow its MAVAN validator platform, provide working capital and potentially repurchase common stock.

The preferred shares have no fixed maturity and pay the stated 9.50% dividend while outstanding. The company did not set a firm closing date for the sale. If the entire issue is sold, the offering would raise $300 million before fees and expenses. The filing notes the company may repurchase the securities or convert them under terms specified in the offering.

BitMine has accumulated more than 5 million ETH and has a substantial portion staked. With Ether trading near $1,765, the company’s average purchase price is above current market levels, producing large unrealized losses. Data from an on-chain analytics firm indicate BitMine’s unrealized ETH losses have exceeded $8 billion. Chairman Tom Lee previously described the losses as ‘paper losses’ that would recover if market prices rebound.

The financing follows a model used by other public crypto-treasury companies that issue preferred stock to raise cash for token purchases. MicroStrategy has used preferred stock to finance its crypto buys. A competing firm, Strive, offers a 13% dividend on its SATA preferred series.

BitMine described MAVAN as an initiative to expand validator capacity and staking infrastructure. Staking generates yield on staked ETH and also exposes the company to technical and market risks tied to network operations and token price moves.

The company said proceeds may also support general corporate needs. The filing lists potential common share repurchases if authorized and available funds permit such actions.