The Ethereum Treasury, led by Tom Lee of BitMine, has set the price of preferred shares with a 9.5% dividend.
Compass Investment2 min read·Just now--
- BitMine raised approximately $274 million by issuing 3.5 million preferred shares at a par value of $80 per share (net of fees).
The proceeds will be used to acquire Ethereum, develop staking infrastructure, and potentially repurchase shares.
The preferred shares offer an annual yield of 9.5% and are expected to be listed on the NYSE under the ticker BMNP.
Bitmine Immersion Technologies, a key player in Ethereum asset management, set the offering price for its preferred shares on Friday above initial expectations, aiming to raise approximately $273.8 million, capitalizing on Ethereums growing role in institutional finance.
The company, whose shares trade under the ticker BMNR, sold 3.5 million newly issued perpetual Series A preferred shares at $80 per sharemore than the initially planned 3 million shares. The transaction is expected to close on June 10, subject to standard closing conditions. Moelis and Company and Cantor acted as joint bookrunners.
The preferred shares will pay an annual dividend of 9.50%. It is important to note that the liquidation preferencesthe amount investors will receive in the event of the companys liquidationare calculated based on growth at current market prices, although they cannot be less than $100 per share. The company has filed to list the new securities on the NYSE under the ticker symbol BMNP.
Proceeds from the offering may be used to acquire additional Ethereum and other digital assets, to fund staking infrastructure through the recently launched MAVAN validator network, or to repurchase common shares.
The offering involves risks typical of investments in cryptocurrencies. Bitmines obligations to pay dividends on preferred shares are fixed, regardless of fluctuations in Ethereum prices.
,detected_source_language:RU
The company currently holds over $8.6 billion worth of Ether, making it the undisputed leader among ETH-focused funds.
Read us here:transscreen.ru
