Overview
- The company announced Monday that its board approved a $0.1056 per‑share cash dividend on the 9.50% Series A perpetual preferred (BMNP), payable July 10 to holders of record on June 30.
- BitMine added about 52,203 ETH last week, bringing its reported holdings to roughly 5.673 million ETH, equal to about 4.7% of circulating supply and within sight of its stated 5% target.
- The firm stakes most of its ETH through its MAVAN validator and reports about 4.72 million ETH already staked to generate staking rewards that management says will help fund dividends.
- Public analysis shows BitMine’s average ETH cost basis near $3,440 and estimates the treasury is underwater by more than $9.5 billion at recent prices, raising questions about the sustainability of fixed preferred payouts.
- Large, mostly staked holdings reduce freely tradable ETH and create liquidity and unstaking constraints that could force sales or disrupt markets if dividend obligations, investor pressure, or other liquidity events arise.