BitMine files 9.50% perpetual preferred stock plan as ETH hits lowest level since February That's the source title - 13 words. Need max 12 words.

BitMine Immersion Technologies is borrowing from Strategy's financing playbook with a planned 9.50% perpetual preferred stock offering, giving the Ethereum-focused firm a new way to raise capital as it continues building its $ETH reserves.

According to a Wednesday SEC filing, BitMine is offering 3 million shares of Series A Perpetual Preferred Stock with a stated amount of $100 per share. The securities carry a 9.50% annual dividend rate, with dividends payable weekly in cash if declared by the company's board.

The company said it may use proceeds for general corporate purposes, including buying additional $ETH and other digital assets, expanding its staking and validator infrastructure through MAVAN, funding working capital, making strategic Ethereum ecosystem investments, or repurchasing common stock.

BitMine has quickly remade itself from a mining and hosting company into an Ethereum treasury vehicle, but that strategy is now pushing the company deeper into capital markets for funding. As of May 25, it held 5,390,404 $ETH, up from 4,473,459 $ETH at the end of February. The company also held 203 BTC, $444 million in cash, a $200 million stake in Beast Industries, and a $95 million stake in Eightco Holdings, both part of its moonshot portfolio. Together, BitMine's $ETH holdings represented 4.47% of Ethereum's 120.7 million token supply, putting it 89% of the way toward its goal of holding 5% of the network.

BitMine added 111,942 $ETH over the past week and said it expects to reach that target sometime in 2026.

The offering comes as $ETH trades near $1,820, its lowest level since February, adding pressure on the Ethereum treasury company. BitMine is currently facing a roughly 47% drawdown on its acquired $ETH, leaving it with an unrealized paper loss of nearly $9 billion on those holdings, according to Dropstab data.

I removed "Advertisement" which was an ad marker. That's fine since it's not article content.

For light humor, let me add a small touch. The 89% of the way to 5% is a fun stat. And the moonshot portfolio alongside an ETH treasury is funny. Let me add a subtle one-liner.

How about in P4: "both part of its moonshot portfolio — a fitting label for holdings inside a single-asset treasury company."

Hmm, that might be too on the nose. Let me think...

Maybe in P6 I can add: "Issuing a 9.50% yield product while the treasury's main asset is down 47% is, at minimum, an interesting capital structure choice."

Or keep it simpler. Let me just add a touch:

P6 final: "The offering comes as $ETH trades near $1,820, its lowest level since February, adding pressure on the Ethereum treasury company. BitMine is currently facing a roughly 47% drawdown on its acquired $ETH, leaving it with an unrealized paper loss of nearly $9 billion on those holdings, according to Dropstab data — the kind of backdrop that makes a 9.50% dividend feel less like income and more like a dare."

That last bit is dry humor. Let me see if it's too much. It's borderline but I think it works. Actually, "a dare" is editorializing. Let me try:

"— a fitting backdrop for marketing a 9.50% dividend."

That's drier. Or: "— a backdrop that may make the 9.50% yield feel aspirational."

Hmm. Let me try: "— a number that nicely complements a 9.50% preferred dividend."

Actually, I think the cleanest is to just keep the original ending. The dry humor is already in the article's structure. Let me add a subtle one.

Let me try: at the end of P4, add: "Together, BitMine's $ETH holdings represented 4.47% of Ethereum's 120.7 million token supply, putting it 89% of the way toward its goal of holding 5% of the network — close enough to keep stacking, far enough to keep issuing."

That's nice. It captures the dry crypto-native humor of treasury companies. But "keep stacking" might be a tiny bit cliché. Let me see.

Actually let me try another approach. In P1: "giving the Ethereum-focused firm a new way to raise capital as it continues building its $ETH reserves" - could become "giving the Ethereum-focused firm a new way to raise capital as it continues its slow march toward 5% of the network." But that adds info.

Let me just go with subtle polish and a touch of humor in one place.

Final attempt:

P4: "...both part of its moonshot portfolio. Together, BitMine's $ETH holdings represented 4.47% of Ethereum's 120.7 million token supply, putting it 89% of the way toward its goal of holding 5% of the network. The last 0.53% is, naturally, the expensive part."

That's a nice dry joke - "the last 0.53% is the expensive part" referring to the funding cost. But wait, I need to check the math: 5% - 4.47% = 0.53%. That's correct. And it ties in with the funding theme.

Actually that works well! It's a dry observation that ties to the perpetual preferred raise. Let me go with that.

Wait, but is that "forcing it"? Let me check the instructions: "Include light, dry crypto-native humor; do NOT force it." I think this is light and dry, not forced. It plays on the "expensive" part of the treasury accumulation which is a real thing.

OK let me finalize:

TITLE: BitMine Files 9.50% Perpetual Preferred Stock Plan as ETH Hits February Low

ARTICLE: BitMine Immersion Technologies is borrowing from Strategy's financing playbook with a planned 9.50% perpetual preferred stock offering, giving the Ethereum-focused firm a new way to raise capital as it continues building its $ETH reserves.

According to a Wednesday SEC filing, BitMine is offering 3 million shares of Series A Perpetual Preferred Stock with a stated amount of $100 per share. The securities carry a 9.50% annual dividend rate, with dividends payable weekly in cash if declared by the company's board.

The company said it may use proceeds for general corporate purposes, including buying additional $ETH and other digital assets, expanding its staking and validator infrastructure through MAVAN, funding working capital, making strategic Ethereum ecosystem investments, or repurchasing common stock.

BitMine has quickly remade itself from a mining and hosting company into an Ethereum treasury vehicle, but that strategy is now pushing the company deeper into capital markets for funding. As of May 25, it held 5,390,404 $ETH, up from 4,473,459 $ETH at the end of February. The company also held 203 BTC, $444 million in cash, a $200 million stake in Beast Industries, and a $95 million stake in Eightco Holdings, both part of its moonshot portfolio. Together, BitMine's $ETH holdings represented 4.47% of Ethereum's 120.7 million token supply, putting it 89% of the way toward its goal of holding 5% of the network. The last 0.53% is, naturally, the expensive part.

BitMine added 111,942 $ETH over the past week and said it expects to reach that target sometime in 2026.

The offering comes as $ETH trades near $1,820, its lowest level since February, adding pressure on the Ethereum treasury company. BitMine is currently facing a roughly 47% drawdown on its acquired $ETH, leaving it with an unrealized paper loss of nearly $9 billion on those holdings, according to Dropstab data.

Hmm, I like the addition. Let me check all facts are preserved:

• 9.50% perpetual preferred stock ✓
• 3 million shares ✓
• $100 per share ✓
• Series A Perpetual Preferred Stock ✓
• 9.50% annual dividend rate ✓
• weekly in cash ✓
• MAVAN ✓
• As of May 25, 5,390,404 $ETH ✓
• 4,473,459 $ETH at end of February ✓
• 203 BTC ✓
• $444 million in cash ✓
• $200 million stake in Beast Industries ✓
• $95 million stake in Eightco Holdings ✓