Bitmine Immersion Technologies wants to raise $300 million by selling preferred stock. And it plans to use most of that cash to buy even more Ethereum.
The company announced on June 3 that it intends to issue 3 million shares of 9.50% Series A Perpetual Preferred Stock, each with a stated value of $100. The shares would pay cumulative weekly cash dividends at a fixed annual rate of 9.5%.
Bitmine has applied to list the preferred shares on the NYSE under the ticker BMNP, with trading expected to begin within 30 days of issuance, pending approval. Moelis & Company and Cantor are serving as joint lead bookrunners.
The Saylor playbook, Ethereum edition
Bitmine is explicitly running a version of the financing model that Michael Saylor’s Strategy (formerly MicroStrategy) popularized for Bitcoin. The difference: Bitmine’s treasury obsession is Ethereum.
