Overview
- Bitmine completed a roughly $274 million Series A perpetual preferred offering that closed on June 10 and generated about $273.8 million in net proceeds.
- The company used the new capital and other funds to buy 76,881 ETH, bringing its disclosed Ethereum holdings to about 5.62 million ETH and making it the largest corporate holder.
- Bitmine has deployed roughly 4.72 million ETH, about 83% of its holdings, into staking via its MAVAN platform and projects staking revenue in the low‑hundreds of millions annually to fund dividends.
- The Series A preferred shares carry a 9.50% annualized dividend, will trade on the NYSE under ticker BMNP with weekly cash distributions, and Bitmine declared a $0.2639 weekly payment payable July 6 to holders of record June 26.
- Investors bid Bitmine’s common stock higher on the disclosures, but analysts note risks from heavy ETH concentration and the fixed preferred coupon if staking rewards or ETH prices weaken, so watch preferred trading levels and staking revenue versus dividend costs.