Bitmine, the world's largest Ethereum treasury company, has filed a Series A perpetual preferred stock offering with the U.S. Securities and Exchange Commission (SEC). The proceeds from the offering are planned to be used for the company's operational needs, including purchasing additional Ethereum and expanding staking activities.

The filing comes amid Bitmine's substantial exposure to Ethereum. According to data from Dropstab, the company is estimated to be carrying approximately US$9.2 billion in unrealized losses as ETH prices have declined over the past several months.

Offers a 9.5% Dividend and Targets NYSE Listing

In documents submitted to the SEC, Bitmine disclosed plans to issue 3 million shares of Series A perpetual preferred stock.

The shares offer a fixed cumulative dividend rate of 9.5% per year based on a par value of US$100 per share. Dividend payments will be made weekly and paid in cash when declared by the company.

Bitmine also stated that unpaid dividends will accrue compound interest. The initial interest rate is set at 9.55% and will increase by 5 basis points during each period until reaching a maximum cap of 15%.

The company has applied to list the shares on the New York Stock Exchange (NYSE) under the ticker symbol BMNP. Trading is expected to begin approximately 30 days after the initial issuance.

Moelis & Company and Cantor have been appointed as joint lead bookrunners for the offering.

Adopts a Strategy Similar to Strategy's STRC

The preferred stock structure proposed by Bitmine is considered similar to STRC, the perpetual preferred stock instrument issued by Bitcoin treasury company Strategy.

STRC offers an 11.5% dividend and has attracted investors seeking regular income while maintaining indirect exposure to Bitcoin.

Since launching the program through an initial public offering worth approximately US$2.52 billion in July 2025, Strategy has continued to expand its STRC issuance. The total liquidation preference of the program has now reached approximately US$10.5 billion.

Through a similar model, Bitmine appears to be seeking to expand its access to financing to support its long-term Ethereum accumulation strategy without having to sell a portion of its asset holdings.

Ethereum Holdings Surpass 5.4 Million ETH

Amid ongoing market pressure, Bitmine continues to increase its Ethereum reserves.

On June 1, the company announced the purchase of an additional 26,497 ETH. The acquisition increased Bitmine's total holdings to 5,416,901 ETH.

Despite continuing to add assets, Ethereum's price weakness has put pressure on the value of the company's portfolio. According to data from Dropstab, Bitmine is estimated to have recorded approximately US$9.2 billion in unrealized losses from its current ETH holdings.

Meanwhile, Ethereum's price fell 4.16% over the past 24 hours to US$1,770. Over the past year, the second-largest cryptocurrency has declined by approximately 32%.

According to analysts, Ethereum-based treasury strategies such as the one employed by Bitmine are highly dependent on ETH's long-term outlook. Therefore, the company's ability to secure new funding could become an important factor in maintaining its accumulation strategy amid market volatility.

Conclusion

Bitmine's Series A preferred stock filing demonstrates the continued evolution of financing models used by digital asset treasury companies. By offering a fixed-dividend instrument, the company aims to attract new capital while maintaining its long-term Ethereum accumulation strategy.

Although the company is currently facing significant unrealized losses due to the decline in ETH prices, Bitmine continues to expand its asset holdings and staking activities. This move reflects the company's confidence in Ethereum's potential as a strategic asset within the future cryptocurrency ecosystem.