Tom Lee's Bitmine Plans to Launch Strategy Style Stock Offering

Bitmine Immersion Technologies ($BMNR), the Ethereum treasury company chaired by Fundstrat co-founder Tom Lee, has filed to raise up to $300 million through a public offering of perpetual preferred stock, borrowing directly from the capital-raising playbook used by Michael Saylor's Strategy.

The Offering Details

According to a Wednesday filing with the U.S. Securities and Exchange Commission, the company is offering 3 million shares of its Series A Perpetual Preferred Stock at a stated value of $100 per share. The shares carry a 9.5% annual dividend, payable weekly in cash pending board approval. Bitmine has applied to list the shares on the New York Stock Exchange under the symbol BMNP, with trading expected to begin within 30 days after first issuance. Moelis and Company and Cantor are acting as joint lead bookrunners for the offering.

Bitmine intends to use the net proceeds for general corporate purposes, which may include the acquisition of additional Ethereum and other digital assets, the expansion of its staking and validator infrastructure through MAVAN, working capital, and strategic investments aligned with the Ethereum ecosystem.

Heavy Losses, Unshaken Conviction

The firm has accumulated more than 5.3 million ETH, controlling roughly 4.5% of Ethereum's circulating supply over the past year. That position is currently sitting on an estimated $9 billion unrealized loss, as ETH prices fell below $1,800 from around $5,000 in October. Shares of the company fell another 5.9% on Wednesday, slipping below $17 and extending their decline to 28% since early May.

Despite the paper losses, Lee has not shifted his long-term outlook. Speaking at the Proof of Talk conference in Paris earlier this week, he said ETH could eventually reach $250,000 as tokenization, AI-driven transactions, and corporate staking reshape Ethereum's role in the global financial system. Bitmine's strategy is deliberately modeled after Strategy's approach to Bitcoin. The Ethereum treasury firm's latest application follows a strategy similar to that of Strategy's high-yield perpetual preferred stock STRC, which offers a dividend rate of 11.5% and has proven popular with investors who seek monthly income while gaining indirect exposure to a digital asset.

Bitmine financed its ether purchases primarily through equity issuance rather than debt, leaving it without the leverage concerns some treasury peers face. The company also generates revenue from staking its ETH and operating its staking service MAVAN, with more than 4.7 million ETH staked and annualized staking revenue estimated at roughly $276 million.

Sources:
CoinDesk: Tom Lee's Bitmine to offer preferred stock with 9.5% dividend
PR Newswire: Bitmine Immersion Technologies official press release
The Block: Bitmine to launch STRC-style preferred stock offering