BitMine Immersion Technologies is borrowing from Strategy’s financing playbook with a planned 9.50% perpetual preferred stock offering, giving the Ethereum focused firm a new way to raise capital as it continues building its ETH reserves.
According to a Wednesday SEC filing, BitMine is offering 3 million shares of Series A Perpetual Preferred Stock with a stated amount of $100 per share. The securities carry a 9.50% annual dividend rate, with dividends payable weekly in cash if declared by the company’s board.
The company said it may use proceeds from the offering for general corporate purposes, including buying additional ETH and other digital assets, expanding its staking and validator infrastructure through MAVAN, funding working capital, making strategic Ethereum ecosystem investments, or repurchasing common stock.
BitMine has quickly remade itself from a mining and hosting company into an Ethereum treasury vehicle, but that strategy is now pushing the company deeper into capital markets for funding. As of May 25, it held 5,390,404 ETH, up from 4,473,459 ETH at the end of February.
The company also held 203 BTC, $444 million in cash, a $200 million stake in Beast Industries, and a $95 million stake in Eightco Holdings, both part of its moonshot portfolio.
