Tom Lee's Bitmine Issues Preferred Stock to Raise $300 Million
Bitmine, led by Tom Lee, is offering preferred stock with a 9.5% annual dividend, aiming to raise $300 million. This move follows trends set by Michael Saylor's firm, as digital asset treasury companies explore new funding routes amid market pressures, according to CoinDesk.
Bitmine, an Ethereum treasury firm co-founded by Tom Lee, is set to issue 3 million shares of Series A Perpetual Preferred Stock at a value of $100 per share, with plans to raise up to $300 million. The offering includes a 9.5% annual dividend rate, which the company will pay weekly in cash if declared by its board, according to a filing with the U.S. Securities and Exchange Commission (SEC).
The preferred shares will be listed on the New York Stock Exchange (NYSE) under the ticker BMNP, pending approval. This initiative mirrors strategies employed by other crypto-centric firms like Michael Saylor's Strategy, which has also issued preferred equity to support their digital asset holdings amid challenging market conditions.
This financing plan underscores the difficulties faced by digital treasury firms as they confront a downturn in cryptocurrency values. Lee's Bitmine is reported to have over 5.3 million ETH — valued at approximately $10 billion — representing about 4.5% of Ethereum's circulating supply, but this position currently reflects an unrealized loss nearing $9 billion due to significant drops in ETH prices.
Bitmine's preferred stock can be redeemed at premiums ranging from 0% to 10%, depending on when the redemption occurs. Additionally, there are provisions for shareholders to exercise repurchase rights in the event of key corporate changes. However, the filing did not detail how the proceeds from the stock offering would be utilized.
The timing of this offering is particularly noteworthy as Saylor's Strategy has faced scrutiny regarding its ability to maintain dividend payments while the price of bitcoin has declined, placing additional pressure on their funding model.
Summary based on original reporting by Krisztian Sandor at CoinDesk, originally published Jun 3, 2026. SolanaWire does not republish source content.
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