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Ethereum News
Bitmine has filed to raise capital while it carries large unrealized losses on its Ethereum (ETH) holdings. The treasury firm submitted an application for a public offering of preferred stock, filing with the Securities and Exchange Commission on June 3.
The terms center on a fixed income stream. Bitmine plans to sell 3 million shares of Series A perpetual preferred stock. Each share is priced at $100 and pays a fixed 9.50% annual dividend.
The dividends pay weekly in cash once declared. Missed payments do not lapse. They accrue compounded interest that starts at 9.55% and rises by five basis points each period, capped at 15%.
Holdings Grow as ETH Slides
Bitmine has continued to buy as prices fall. On June 1, the company disclosed a purchase of 26,497 ETH. That raised its total to 5,416,901 ETH, the largest holdings of any Ethereum treasury company.
The paper losses are substantial. Bitmine sits on an estimated $9.2 billion in unrealized losses on its ETH, according to Dropstab. Ethereum traded at $1,774 on June 3, down 4.16% on the day and 32% over the year. Bitmine shares closed that day at $16.90, down 5.95%.
Source: CoinMarketCap
Listing Set for NYSE Under BMNP
The shares are headed for public markets. Bitmine has applied to list them on the New York Stock Exchange under the ticker BMNP. Trading is expected to open within 30 days of the first issuance. Moelis & Company and Cantor are leading the books.
The structure resembles an instrument already on the market. Strategy runs a similar high-yield product called STRC, which pays 11.5% and offers indirect Bitcoin (BTC) exposure with monthly income. Strategy raised about $2.52 billion when STRC debuted in July 2025, and follow-on sales have since lifted its notional value to roughly $10.5 billion.
Bitmine said proceeds will go toward general purposes. The firm may use the cash to buy more ETH and expand its staking operations.
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