Bitmine, the world's largest Ethereum treasury company, has submitted an application to launch a public offering of its Series A perpetual preferred stock.
According to a Wednesday filing with the Securities and Exchange Commission, Bitmine said it seeks to offer 3 million shares of the stock, with a fixed cumulative dividend rate of 9.50% annually on a per-share amount of $100.
Dividends will be payable weekly in arrears and will be paid in cash when declared. Unpaid dividends will accrue compounded interest, with the rate initially set at 9.55% and increasing by 5 basis points per period, up to a maximum of 15%.
Bitmine has applied to list the shares on the New York Stock Exchange under the symbol BMNP, with trading expected to begin within 30 days after first issuance. Moelis & Company and Cantor are acting as joint lead bookrunners for the offering.
The company said it plans to use the net proceeds from the offering for general purposes, which may include purchasing additional ETH and expanding staking operations.
