Connecticut crypto firm follows Saylor playbook with yield-bearing shares
BitMine Immersion Technologies has filed to issue 3,000,000 shares of 9.50% Series A Perpetual Preferred Stock in a public offering designed to fund additional Ethereum purchases and validator infrastructure, according to regulatory filings. The offering mirrors the treasury capital-raising strategy popularized by Michael Saylor’s Strategy, which used common stock, convertible debt, and preferred equity products to attract yield-oriented investors while accumulating Bitcoin.
The Norwalk, Connecticut-based company plans to list the preferred shares on the New York Stock Exchange under ticker BMNP, with trading expected to begin within 30 days after first issuance. Each share carries a $100 stated amount, putting the potential issuance value at $300 million if sold at stated amount.
BitMine stated the proceeds will be used “for general corporate purposes, which may include the acquisition of additional ETH and other digital assets; the expansion of the Company’s staking and validator infrastructure, including through MAVAN; working capital; strategic investments aligned with the Ethereum ecosystem and broader digital asset adoption; and/or repurchases of the Company’s common stock under its share repurchase program.” MAVAN, BitMine’s Made-in America Validator Network, launched in 2026.
The preferred shares carry a weekly compounding dividend structure. Regular dividends are “payable when, as and if declared by BMNR’s board of directors, out of funds legally available for their payment, weekly in arrears. Declared regular dividends on the Series A Preferred Stock will be payable solely in cash,” according to BitMine’s terms. Unpaid accumulated regular dividends accrue additional dividends compounded weekly, with a maximum penalty dividend rate of 15% per year, increasing by 5 basis points weekly.
Redemption pricing reflects a declining penalty schedule. During the first 18 months after issuance, BitMine may redeem shares at 110% of stated amount. From 18 months to three years, the redemption price drops to 105%. After three years, redemption occurs at par (100% of stated amount).
Preferred shareholders receive additional protections. If a “fundamental change” event occurs, shareholders can require BitMine to repurchase their shares at stated amount plus accumulated dividends. Additionally, if remaining preferred shares fall below 25% of the original issuance, the company must redeem the outstanding shares.
Moelis & Company and Cantor are serving as joint lead bookrunners on the offering. At press time, Ethereum was trading at $1,793.
BitMine has committed to Ethereum as its primary treasury reserve asset and uses native protocol-level activity including staking and DeFi mechanisms to generate yield. The preferred stock structure allows the company to raise capital while offering investors a fixed-income instrument tied to a crypto-native balance sheet, extending the treasury model Strategy pioneered in Bitcoin markets to the Ethereum ecosystem.
