BitMine Prices Preferred Shares at $80 Each With 9.5% Dividend
BitMine, led by Tom Lee, successfully prices a new preferred share offering to raise approximately $274 million for Ethereum investments. Each share is set at $80 and carries an annual dividend of 9.5%, as reported by Decrypt.
BitMine Immersion Technologies, a key player in Ethereum treasury, priced its preferred stock offering to raise about $274 million. The company plans to sell 3.5 million shares of Series A Perpetual Preferred Stock at a price of $80 per share, increasing the offering from an initial 3 million shares. This upsize reflects confidence in Ethereum's potential within institutional finance.
The deal is scheduled to close on June 10, pending customary conditions, as BitMine moves to capitalize on Ethereum's growing role. Proceeds will be allocated for acquiring more Ethereum, developing staking infrastructure via its newly launched MAVAN validator network, and potentially buying back common shares. The share listing is expected on the New York Stock Exchange under the ticker symbol BMNP.
Each preferred share will pay a 9.5% annual dividend, with a unique liquidation preference that may adjust based on market conditions; however, it will not drop below $100 per share. Although this structure might attract institutional investors, it also carries risks typical in crypto-related investments, as dividend obligations remain fixed irrespective of Ethereum price fluctuations.
BitMine shifted focus last summer from Bitcoin mining to accumulating Ethereum, and its chairman, Tom Lee, has been instrumental in this transition, promoting confidence in the firm's treasury strategy. The firm currently holds over $8.6 billion in Ethereum, positioning itself strongly in the dynamic digital asset market.
Summary based on original reporting by Decrypt Agent at Decrypt, originally published Jun 5, 2026. SolanaWire does not republish source content.
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