Bitmine Files for STRC-Style Preferred Stock Amid $9.2B ETH Unrealized Losses

Bitmine, the world's largest Ethereum treasury company, has submitted an application to launch a public offering of its Series A perpetual preferred stock. According to a Wednesday filing with the Securities and Exchange Commission, Bitmine said it seeks to offer 3 million shares at a fixed cumulative dividend rate of 9.50% annually on a per-share amount of $100. Dividends will be payable weekly in arrears and paid in cash when declared. Unpaid dividends will accrue compounded interest, starting at 9.55% and rising by 5 basis points per period, up to a maximum of 15%. Bitmine has applied to list the shares on the New York Stock Exchange under the symbol BMNP, with trading expected to begin within 30 days after first issuance. Moelis & Company and Cantor are acting as joint lead bookrunners for the offering. The company said it plans to use the net proceeds for general purposes, which may include purchasing additional ETH and expanding staking operations.

The Ethereum treasury firm's latest filing follows a strategy similar to Strategy's high-yield perpetual preferred stock STRC, which offers a dividend rate of 11.5%. STRC has proven popular with investors seeking monthly income while gaining indirect exposure to bitcoin. Since raising roughly $2.52 billion in its initial public offering in July 2025, Strategy's STRC program has expanded significantly through follow-on issuances. The total notional amount of STRC now stands at roughly $10.5 billion.

Meanwhile, Bitmine continues to expand its ETH holdings, despite carrying substantial unrealized losses on the position. On June 1, the company disclosed the acquisition of 26,497 ETH, boosting total holdings to 5,416,901 ETH. According to data from Dropstab, the Tom Lee-led company is sitting on an estimated $9.2 billion in unrealized losses on its ether holdings as the cryptocurrency extends its decline. Ethereum is down 4.16% in the past 24 hours to trade at $1,774 as of 9:50 p.m. ET on Wednesday, and down 32% over the past year.

Bitmine (BMNR) fell 5.95% to close Wednesday at $16.9, The Block's stock price page shows.

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