Tom Lee-linked Bitmine plans a $300 million perpetual preferred stock offering to expand its Ethereum treasury, staking infrastructure, and digital assets.
Bitmine Immersion Technologies has filed to launch a public offering of perpetual preferred stock. The company wants to raise up to $300 million through this new stock offering. The money will be used by Bitmine to expand its ongoing Ethereum treasury plan.
Bitmine has close ties to well-known analyst Tom Lee. The company is doing what MicroStrategy did to create its Bitcoin treasury. Bitmine, however, is aggressively mining Ethereum at scale, rather than Bitcoin.
What Is Bitmine Offering to Investors?
Bitmine is offering 3 million shares of 9.50% Series A Perpetual Preferred Stock to the public. The raise will be $300 million, with each share having a par value of $100. The company intends to offer these shares on the New York Stock Exchange, under the ticker BMNP, once approved.
Tom Lee’s BitMine is now down nearly $9 BILLION on its $ETH holdings as ETH hits a 3-month low.
Despite the losses, BitMine keeps buying. They added 311,018 ETH worth $659M in May alone.
BitMine now holds 5.3 MILLION ETH worth $10.5 BILLION, 4.47% of the entire ETH supply. pic.twitter.com/6rx7NsCUjR
— Ash Crypto (@AshCrypto) June 3, 2026
The investors who purchase the shares will get a dividend of 9.5% per annum, which is paid weekly in cash. Bitmine also reserves the right to redeem shares at premiums from 10% down to 0% based on the time.
Reading more: ETH News: BitMine Joins NYSE and Expands $4B Buyback While Growing Ethereum Holdings – Ledger Tribune
How Will Bitmine Use the $300 Million It Raises?
Bitmine will invest the money in multiple areas of the Ethereum ecosystem. The company will be using the proceeds to purchase more ETH and other digital assets. It also aims to increase its staking and validator infrastructure, such as its MAVAN platform.
In addition, Bitmine plans to make strategic investments in the overall digital asset ecosystem. Some of the funds will also be used for general working capital and for repurchasing common stock, if necessary.
How Much Ethereum Does Bitmine Currently Hold?
By any measure, Bitmine already has a tremendous amount of Ethereum. The company has more than 5.3 million ETH in its possession, valued at around $10.5 billion in today’s market. This is about 4.47% of the total circulating supply of Ethereum.
Bitmine’s holdings increased by 311,018 ETH valued at around $659 million in May alone. The company continues to purchase Ethereum despite the current multi-month lows.
Is Bitmine Sitting on Big Losses Right Now?
Yes, and the numbers are staggering with what’s going on in the market. Bitmine has almost $9 billion in unrealized losses on its ETH holdings. Ethereum recently hit a three-month low, which is putting a strain on the company’s balance sheet.
Despite those losses, Bitmine has not stopped buying more Ethereum. This aggressive accumulation strategy is exactly what Strategy did with Bitcoin in previous market downturns.
What Is the MicroStrategy-Style Playbook Bitmine Is Following?
The concept of public stock offerings to finance crypto-buying frenzies was popularised by Strategy, which is now called MicroStrategy. The company raised billions of dollars through preferred stock and convertible notes to buy up a lot of Bitcoin.
Bitmine is taking the same strategy but with Ethereum instead of Bitcoin. The company funds itself through equity offerings and then immediately uses the funds to purchase additional ETH. This is a process of accumulation which continues to increase the treasury over time.
Why Does This Matter for the Ethereum Market?
The total Ethereum supply is currently held by almost 4.5% of the network, which is a high concentration of the supply by Bitmine. If the company manages to raise $300 million and acquire additional ETH, its control of the supply will increase even more.
This institutional buying can significantly affect Ethereum’s price and liquidity in the long run. Bitmine’s future actions are crucial for investors and traders in the ETH market.