BitMine Seeks $300M via Preferred Shares for ETH Treasury Strategy
BitMine, an Ethereum treasury firm, is seeking to raise up to $300 million through the sale of 3 million preferred shares to support ETH purchases, staking, validator infrastructure, and related investments. The Series A preferred shares, filed with the SEC on Wednesday, would have a $100 stated amount and pay a 9.50% annual cash dividend in weekly installments. Native ETH staking is now its principal revenue source, with 4.7 million ETH staked through its MAVAN platform, projecting annualized staking revenue of about $276 million. BitMine's strategy builds on its shift from Bitcoin mining to an ETH treasury business, with holdings crossing 5.4 million ETH, about 4.48% of Ethereum's supply. Staking rewards could help fund dividends, but ETH price and timing risks remain, according to analysts.
Key facts
- BitMine files for $300M preferred share sale to fund ETH purchases and staking.
- Series A shares offer $100 face value and 9.50% annual dividend.
- Staking yield could support dividends, but ETH price risk remains.
- BitMine holds 5.4M ETH (4.48% of supply) worth over $10B.
- ETH staking generates about $276M annualized revenue.