BULLISH 📈 : Bitmine plans $300M preferred raise, enabling ETH purchases and staking expansion
Bitmine filed to sell 3 million Series A Perpetual Preferred shares at $100 each. Target proceeds $300 million. Traders read this as more Ethereum accumulation.
BMNR closed up 5.8% Thursday as ETH fell 1.7% in 24 hours to ~$1,650, down ~17% for the week, per the report from Coinspeaker.
Source: Cointelegraph
- Terms: 3 million shares at $100. A 9.5% cumulative annual dividend, paid weekly in cash when declared. Missed weeks add 0.05% per week, capped at 15% until paid, per Coinspeaker.
- Listing: expected on NYSE as BMNP. Trading to start ~30 days after first issuance, per Coinspeaker.
- Use of proceeds: may include buying more ETH and other digital assets, expanding MAVAN staking and validators, working capital, Ethereum-aligned strategic investments, and common-stock buybacks, per Coinspeaker. This authorizes ETH buys, not mandates them.
This raise fits a pattern. Bitmine previously used a registered direct common-stock sale in Sep 2025 to add ETH, framed as accretive to ETH per share, per Coinspeaker.
- Holdings disclosed by Jan 2026: ~4,143,502 ETH, 192 BTC, a $25M Eightco stake, and ~$915M cash, totaling ~$14.2B in crypto plus cash, per Coinspeaker.
- Staking: ~659,219 ETH already staked via MAVAN, producing yield that may support the preferred dividend, per Coinspeaker.
The playbook echoes MicroStrategy. Public raises fund digital-asset accumulation, with long-run appreciation offsetting dilution. Strategy’s STRC preferred carries an 11.5% coupon, per Coinspeaker.
Two readings exist. Literal: mixed funding for staking infra, working capital, and opportunistic ETH buys. Structural: another step in a multi‑year plan to grow ETH per share, with staking yield supporting cash payouts, per Coinspeaker.
Funding dividends is the stress point. Strategy sold 32 BTC to help cover preferred dividends; Bitcoin briefly dipped below $62,000 afterward, per Coinspeaker. Bitmine’s staked ETH creates native yield, but whether it covers a 9.5% coupon on $300M at scale remains an open math question, per Coinspeaker.
Market backdrop matters. Lookonchain tracked large mark‑to‑market drawdowns across corporate treasuries tied to BTC, ETH, and SOL during the drop, per Lookonchain.