Bitmine's BMNP stock closes over 10% below par on NYSE debut

BMNP, the preferred stock of Ethereum-acquiring firm Bitmine (BMNR), debuted on the New York Stock Exchange (NYSE) on June 16. The stock opened at $91.49, an 8.5% discount to its $100 par value, and closed the day at $88.10, approximately 12% below par. BMNP, which is considered to be modeled after Strategy's (MSTR) STRC, is a preferred stock that pays a weekly dividend at a 9.50% annual rate. It is currently trading at $89.75, about 10% below its par value.