BitMine Files for $300M Preferred Stock Offering at 9.5% Yield to Expand ETH Treasury - "The Defiant"

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BitMine Immersion Technologies (NYSE: BMNR) filed a preliminary prospectus with the SEC on Wednesday to raise up to $300 million through a new class of preferred stock carrying a 9.5% cumulative annual dividend paid weekly in cash.

The structure mirrors the preferred-dividend instrument Strategy pioneered for Bitcoin, applied this time to a corporate Ethereum treasury that now holds 4.5% of the coin’s circulating supply.

The prospectus supplement, filed June 3 under accession number 0001493152-26-027136 on the SEC’s EDGAR system, covers up to 3 million shares of Series A Perpetual Preferred Stock at a $100 stated value per share. The shares are expected to list on the New York Stock Exchange under the ticker BMNP within 30 days of first issuance. Moelis & Company and Cantor are joint lead bookrunners.