BitMine Files to Raise $300M in Preferred Stock to Expand Ethereum Holdings

BitMine Immersion Technologies has filed with the U.S. Securities and Exchange Commission to launch a Series A Perpetual Preferred Stock offering, according to a Wednesday filing, a structure the company said is designed to channel proceeds into Ethereum acquisition, $ETH staking infrastructure expansion, and broader ecosystem investment. The proposed offering consists of 3 million shares priced at $100 each, totaling $300 million, and carries a 9.5% cumulative annual dividend.

The offering mirrors the convertible debt and preferred stock framework pioneered by Bitcoin treasury firm Strategy but adapts the model for an Ethereum-based balance sheet. Unlike Bitcoin, which generates no native yield, $ETH can be staked to produce network-native returns. BitMine's filing explicitly earmarks a portion of the proceeds for staking infrastructure, positioning the dividend-paying instrument alongside a yield-generating underlying asset.

ETH staking currently produces annualized yields in the range of 3% to 5%, according to the filing's framing, without the recurring capital expenditure on mining hardware, energy contracts, and cooling that characterizes Bitcoin mining. The company filed the offering on Wednesday, with the disclosure reviewed by the CryptoNews editorial team, and the document was made public as $ETH traded at $1,664.82, down 15.97% over the prior 24 hours.

The structure carries a cumulative dividend, meaning unpaid distributions accrue to preferred holders, and the perpetual designation removes a fixed maturity date, giving BitMine flexibility on timing for any future equity conversion or buyback. The filing did not specify a listing venue, an underwriting syndicate, or a launch date for the offering.

BitMine Immersion Technologies' pivot to an Ethereum-treasury model comes as publicly traded miners increasingly look beyond block-revenue-only business lines. Whether the preferred stock structure attracts institutional demand at the proposed terms will depend on investor appetite for the 9.5% cumulative dividend against the operational and market risks of holding $ETH on balance sheet.