The Offering

The said it company filed a preliminary prospectus supplement with the SEC on June 3, 2026, pricing 3,000,000 shares at $100 stated amount per share. If completed, the offering would trade on the New York Stock Exchange under the ticker symbol BMNP, with trading expected to begin within 30 days of issuance.

Moelis & Company and Cantor Fitzgerald are acting as joint lead bookrunners.

Weekly Cash Dividends at 9.50%

Holders would receive fixed cumulative dividends at 9.50% per annum, paid weekly in cash when declared by the board. If any dividend goes unpaid, compounding kicks in, starting at 9.50% plus 5 basis points and escalating 5 basis points per period up to a maximum rate of 15% per annum.

Bitmine can redeem the shares at 110% of the stated amount within the first 18 months, 105% from 18 months to three years, and at par after three years.

Where the Money Goes

Net proceeds, estimated in the range of $290 million after underwriting discounts and expenses, are designated for general corporate purposes. Those include buying additional ETH and other digital assets, expanding the company’s MAVAN validator platform, working capital, strategic investments tied to Ethereum ecosystem development, and potential buybacks under the company’s existing $4 billion common stock repurchase authorization.

A Treasury Built on Ethereum

Bitmine held 5,416,901 ETH as of May 31, 2026, representing roughly 4.49% of ethereum’s circulating supply of approximately 120.7 million ether tokens. The company’s stated goal, which it calls the “Alchemy of 5%,” is to accumulate roughly 5% of all circulating ETH.

Approximately 4,718,677 ETH, or about 87% of holdings, are actively staked. At prices near $1,827 per ETH, that staked position carried a value of around $8.6 billion. Combined with roughly 203 BTC, $446 million in cash, and equity stakes in Beast Industries and Eightco Holdings, the company reported total crypto, cash, and strategic holdings of approximately $11.6 billion.

Staking Revenue as Dividend Backstop

The company’s annualized staking revenue is projected at approximately $258 million based on a 2.73% seven-day yield, rising to an estimated $296 million at full operational scale through MAVAN and partner infrastructure. The annual dividend obligation on the $300 million preferred offering amounts to roughly $28.5 million, leaving staking income covering that figure by a factor of nine to ten times at current projections.

MAVAN, which launched in March 2026 as an institutional-grade staking platform, initially serves Bitmine’s own assets but is expanding to external institutions and custodians.

Following the Strategy Model

The structure mirrors high-yield preferred instruments issued by Strategy, like STRC, which has traded in the 9% to 11.5% yield range. Bitmine chairman Tom Lee, co-founder and head of research at Fundstrat Global Advisors, has positioned the company as an ethereum-native counterpart to Strategy’s bitcoin treasury approach.

BMNR common shares declined approximately 6% around the time of the announcement. ETH was down roughly 2% intraday.

What to Watch

The offering is proposed and subject to market conditions. Final pricing, terms, and closing details will be filed via supplemental SEC disclosures and an 8-K. Investors can monitor EDGAR filings under CIK 0001829311 for real-time updates. Meanwhile, with ether prices trading at such depressed levels, Lee and Bitmine are carrying unrealized losses approaching $9 billion.