BitMine Plans $300 Million Preferred Stock Sale With 9.5% Dividend
Summary
- BitMine plans to issue 3 million shares of perpetual preferred stock with a par value of $100 each to raise as much as $300 million.
- The preferred stock will carry a 9.5%% annual dividend rate, with cash dividends to be paid on a per-share basis if approved by the board.
- The preferred stock under ticker 'BMNP' is set to list on the New York Stock Exchange (NYSE), and BitMine generates yield by staking more than 5.3 million ETH.
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BitMine, an Ethereum treasury strategy company, plans to raise as much as $300 million through a preferred stock sale.
A June 3 filing with the US Securities and Exchange Commission shows the company is seeking to issue 3 million shares of perpetual preferred stock with a par value of $100 each. The offering could raise up to $300 million.
The preferred shares will carry a 9.5% annual dividend rate. Dividends will be paid in cash on a per-share basis if approved by the board. The shares are set to list on the New York Stock Exchange under the ticker BMNP.
The structure is similar to the approach used by Bitcoin treasury company Strategy, which has raised funds for Bitcoin purchases through preferred stock offerings. Strategy has recently increased its Bitcoin holdings after securing large sums through preferred stock products including STRC and STRK.
BitMine is one of the leading Ethereum treasury strategy companies, holding more than 5.3 million ETH. The company generates yield by staking most of those holdings.
Suehyeon Lee
shlee@bloomingbit.ioI'm reporter Suehyeon Lee, your Web3 Moderator.
