Peter Schiff says Bitmine Immersion (NYSE:BMNR) is “borrowing a page from Saylor’s Ponzi playbook” after filing to raise $300 million through preferred shares to buy more Ethereum (CRYPTO: ETH).
3 Million Shares At 9.5% Yield Filing With NYSE Under BMNP
Bitmine filed with the SEC to offer 3 million shares of Series A perpetual preferred stock at a fixed cumulative dividend rate of 9.5% annually on a $100 per share base.
Dividends pay weekly in cash, with unpaid amounts accruing compounded interest starting at 9.55% and rising by 5 basis points per period up to a maximum of 15%.
The shares will list on the NYSE under the ticker BMNP within 30 days of first issuance. Moelis and Cantor are acting as joint lead bookrunners.
