BitMine files 9.50% perpetual preferred stock plan as ETH hits lowest level since February

BitMine is seeking fresh capital through preferred stock as its acquired ETH sits on nearly $9 billion in paper losses.

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Add us on Google by Estefano Gomez Jun. 3, 2026

BitMine Immersion Technologies is borrowing from Strategy’s financing playbook with a planned 9.50% perpetual preferred stock offering, giving the Ethereum focused firm a new way to raise capital as it continues building its ETH reserves.

According to a Wednesday SEC filing, BitMine is offering 3 million shares of Series A Perpetual Preferred Stock with a stated amount of $100 per share. The securities carry a 9.50% annual dividend rate, with dividends payable weekly in cash if declared by the company’s board.

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The company said it may use proceeds from the offering for general corporate purposes, including buying additional ETH and other digital assets, expanding its staking and validator infrastructure through MAVAN, funding working capital, making strategic Ethereum ecosystem investments, or repurchasing common stock.

BitMine has quickly remade itself from a mining and hosting company into an Ethereum treasury vehicle, but that strategy is now pushing the company deeper into capital markets for funding. As of May 25, it held 5,390,404 ETH, up from 4,473,459 ETH at the end of February.

The company also held 203 BTC, $444 million in cash, a $200 million stake in Beast Industries, and a $95 million stake in Eightco Holdings, both part of its moonshot portfolio.

Together, BitMine’s ETH holdings represented 4.47% of Ethereum’s 120.7 million token supply, putting the company 89% of the way toward its goal of holding 5% of the network. BitMine added 111,942 ETH over the past week and said it expects to reach that target sometime in 2026.

The offering comes as ETH trades near $1,820, its lowest level since February, adding pressure on the Ethereum treasury company. BitMine is currently facing a roughly 47% drawdown on its acquired ETH, leaving it with an unrealized paper loss of nearly $9 billion on those holdings, according to Dropstab data.

Disclosure: This article was edited by Estefano Gomez. For more information on how we create and review content, see our Editorial Policy.