BitMine Plans $300M Preferred Raise at 9.5%, Dimon Vows to Fight CLARITY Act

Crypto News

BitMine Immersion Technologies has filed to offer $300 million in Series A Perpetual Preferred Stock carrying a 9.5% annual dividend, becoming the latest digital-asset treasury company to mimic Strategy's financing playbook. The filing details 3 million shares priced at $100, with dividends paid weekly in cash subject to board approval, and the securities are slated to trade on the New York Stock Exchange under the ticker BMNP. The move comes as treasury firms scramble for fresh capital amid a deeper crypto drawdown, and shareholders will hold redemption rights tied to certain fundamental corporate changes within the issuer.

The capital push lands as BitMine sits on one of the largest corporate ether stacks in existence. The company has accumulated more than 5.3 million ETH, an exposure now worth around $9 billion after the asset's slide from roughly $5,000 in October to under $1,800, leaving the firm an estimated $9 billion in unrealized losses. That position represents roughly 4.5% of ether's circulating supply, a concentration that makes the preferred-equity raise a strategic hedge: weekly cash dividends require sustained liquidity even as the underlying treasury bleeds value.

The timing also reflects mounting stress on the playbook itself. Strategy's STRC preferred shares — issued by the largest corporate holder of Bitcoin — slipped 5% below their $100 par value mid-week as investors questioned whether the company can comfortably sustain dividend payments while BTC weakens. Peer treasury vehicles Strive and Metaplanet have rolled out their own dividend-paying preferred classes, but the broader sector is entering a phase where capital costs are rising faster than balance-sheet appreciation. The widening gap between preferred yields and underlying asset performance now defines a structural strain across the cohort.

JPMorgan Chase chief executive Jamie Dimon has pledged that major banks will mount opposition to the CLARITY Act, the long-awaited US framework intended to delineate crypto market structure. Dimon argued in a televised interview that lawmakers should resist pressure from crypto-aligned executives lobbying for the bill, framing the legislation as a competitive carve-out rather than a balanced regime. His intervention has reportedly stalled progress on the package, with bank lobbies pressing senators to tighten language around stablecoin yield before any floor vote, a dynamic that has frozen one of Washington's most consequential digital-asset bills.

Dimon's core grievance centers on yield-bearing stablecoins, an arena where he publicly criticized Coinbase chief executive Brian Armstrong. The JPMorgan boss contends that stablecoin issuers should not be permitted to pay deposit-like interest without the capital, liquidity, and consumer-protection standards imposed on chartered banks. He has warned the current structure could ultimately fail under stress, a position now shared by traditional finance lobby groups pushing for stricter parity rules. The clash exposes a widening rift between incumbent banks and crypto-native firms over who is allowed to compete for retail deposits in a tokenized economy.

That regulatory friction is unfolding while neobank Revolut delivers numbers that publicly drew Dimon's envy. The London-headquartered fintech grew 2025 revenue 46% to $6 billion, lifted pretax profit 57% to $2.3 billion, and now serves more than 75 million customers, adding roughly one million every 17 days. Crypto and stablecoin volumes were cited as a material contributor to a record annual profit, while the firm targets a $200 billion initial public offering valuation — a figure that, if achieved, would reshape the wealth ranking of fintech founders and reframe the digital-asset competitive map.

The dominant narrative across these threads is a tightening squeeze on the bridge between traditional finance and crypto. Treasury vehicles are pursuing more expensive preferred-equity capital just as altcoin drawdowns erode collateral, while Washington's stablecoin rules are being recalibrated under pressure from incumbent banks fighting the DeFi-adjacent yield model. The cycle theme is no longer simple bear market pain — it is a structural test of whether crypto's capital architecture can withstand simultaneous price stress and regulatory hardening, with fintechs straddling both worlds best positioned to absorb the shift.