Bitmine to issue preferred stock with 9.5% annual dividend

Bitmine, a company focused on an Ethereum-based treasury strategy, plans to raise up to $300 million by issuing preferred stock that offers a 9.5% annual dividend, according to a filing with the U.S. Securities and Exchange Commission (SEC). The company intends to issue three million shares of perpetual preferred stock at a par value of $100 each, with dividends slated to be paid weekly in cash, pending board approval. The shares are expected to be listed on the New York Stock Exchange (NYSE) under the ticker 'BMNP'. The move mirrors a strategy used by MicroStrategy (MSTR) to fund its Bitcoin acquisitions with preferred stock, a tactic Bitmine is now applying to its Ethereum treasury. Bitmine currently holds over 5.3 million ETH and is reportedly facing an unrealized loss of approximately $9 billion amid the decline in ETH's price.