BitMine seeks – BitMine has filed a preliminary prospectus with the SEC for a preferred stock sale that could raise up to $300 million, aiming to grow an ETH-focused treasury supported by staking and validator infrastructure.
On Wednesday, BitMine moved to turn its Ethereum treasury ambitions into a concrete fundraising plan—submitting a preliminary prospectus to the SEC for a preferred stock sale that could bring in as much as $300 million.
The company wants to issue 3 million preferred shares. If BitMine’s board approves the payments, each Series A preferred share would carry a $100 stated amount and pay a 9.50% annual cash dividend in weekly installments. BitMine has also applied to list the shares on the NYSE under the ticker BMNP.
The purpose is explicit: the money is intended to support ETH purchases, staking, validator infrastructure, and related investments.
BitMine’s filing ties the strategy tightly to staking economics. Native ETH staking is now its “principal revenue source. ” the company said in Wednesday’s filing—citing 4.7 million ETH staked through its MAVAN platform as of May 25. Based on that stake, BitMine projected annualized staking revenue of about $276 million.
That revenue picture matters because BitMine is leaning further into Ethereum as its core bet. Its strategy builds on a shift from Bitcoin mining into an ETH treasury business, with the company’s ETH holdings crossing $1 billion last year.
The fundraising push comes right after another large move in the market. BitMine’s latest purchase was 26,497 ETH worth about $52 million, lifting its holdings to 5,416,901 ETH — roughly 4.48% of Ethereum’s supply. Alongside that, BitMine said it has roughly $446 million in cash.
BitMine’s preferred stock plan arrives after months of sizable ETH buying. In April, a purchase pushed holdings past 5 million ETH. In May. BitMine bought $151 million worth of Ethereum after Tom Lee described ETH’s drop below $2. 200 as “an attractive opportunity.” The following week. BitMine added another $237 million buy. bringing it to more than 88% of the way toward a goal of holding 5% of Ethereum’s supply.
The prospectus also points to how BitMine is trying to finance dividends as it leans into Ethereum rewards. Strategy—another firm associated with Tom Lee—sold about $2.5 million of Bitcoin to help fund dividends on its own preferred stock, the filing notes.
Under the hood. analysts have been watching how BitMine’s preferred structure could work differently from other preferred products tied to other sources of revenue. A BitMine preferred stock product could differ from Strategy’s STRC because ETH staking provides a protocol-native income source. according to an earlier analysis from Alchemy Research in April.
Alchemy Research described a model in which staking rewards could help support cash dividends while the remaining ETH rewards keep compounding. In that setup. a large staked ETH treasury could help cover preferred dividends because higher ETH prices would lift the dollar value of staking rewards. “Rising ETH price directly strengthens the preferred program,” the research firm wrote.
Still, the structure depends on conversion—ETH rewards turning into dollars at the right price and time.
Dominick John. an analyst at Zeus Research. told Decrypt that if the approach works. it could “reduce cash drag. support dividend sustainability. and help mitigate common share dilution through on-chain yield generation.” John added that BitMine could earn revenue by staking ETH to help run the network and by using MEV optimization—helping validators capture extra transaction-related rewards—to support the 9.50% dividend.
That potential dividend engine is also where the debate sharpens. The broader bet, analysts said, still comes down to Tom Lee’s conviction in Ethereum—especially as Strategy’s STRC remains under pressure.
Ryan Yoon. a senior analyst at Tiger Research. told Decrypt that Lee “heavily trusts ETH” and views it as his “only viable hedge.” Yoon said that even if STRC tanks. Lee feels “compelled to buy the dip. ” seeing it as a “perfect entry point. ” and adding that ETH’s staking yield gives BitMine a “major differentiator” that could allow BitMine to utilize it as a dividend stream.
BitMine did not provide the final outcome yet—its preferred offering still hinges on board approval, and the SEC prospectus described a plan rather than a completed sale. Decrypt has reached out to BitMine for comment and will update this article should the company respond.
(Disclosure: Tom Lee is one of nine angel investors in Dastan, the parent company of an editorially independent Decrypt.)
BitMine Tom Lee Ethereum treasury preferred stock SEC filing NYSE BMNP ETH staking MAVAN validator infrastructure MEV optimization Series A preferred shares 9.50% dividend