Bitmine eyes dividend-paying preferred shares, echoing Strategy’s playbook
The move comes as Ether prices slumped to a 14-month low below $1,750 on Thursday.
Ethereum treasury company Bitmine Immersion Technologies is launching a $300 million perpetual preferred stock offering, borrowing a page from Strategy’s financing playbook.
Bitmine told the SEC on Wednesday that it intends to offer 3 million of its 9.5% Series A perpetual preferred stock at $100 per share, which will trade under the symbol BMNP within 30 days of issuance.
Preferred shares are a hybrid of stocks and bonds. Investors are not directly betting on the company’s growth but lending it money in exchange for regular payments. For every $100 share, Bitmine will pay dividends on a weekly basis, amounting to $9.50 per year.