Bitmine, the world's largest Ethereum treasury company, has submitted an application to launch a public offering of its Series A perpetual preferred stock.
According to a Wednesday filing with the Securities and Exchange Commission, Bitmine said it seeks to offer 3 million shares of the stock, with a fixed cumulative dividend rate of 9.50% annually on a per-share amount of $100.
Dividends will be payable weekly in arrears and will be paid in cash when declared. Unpaid dividends will accrue compounded interest, with the rate initially set at 9.55% and increasing by 5 basis points per period, up to a maximum of 15%.
Bitmine has applied to list the shares on the New York Stock Exchange under the symbol BMNP, with trading expected to begin within 30 days after first issuance. Moelis & Company and Cantor are acting as joint lead bookrunners for the offering.
The company said it plans to use the net proceeds from the offering for general purposes, which may include purchasing additional ETH and expanding staking operations.
The Ethereum treasury firm's latest application follows a strategy similar to that of Strategy's high-yield perpetual preferred stock STRC, which offers a dividend rate of 11.5%. STRC has proven popular with investors who seek monthly income while gaining indirect exposure to bitcoin.
Since raising roughly $2.52 billion in the initial public offering in July 2025, Strategy's STRC program has expanded significantly through follow-on issuances. The total notional amount of STRC stands at roughly $10.5 billion.
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Meanwhile, Bitmine continues to expand its ETH holdings, despite carrying substantial unrealized losses on its position. On June 1, the company disclosed the acquisition of 26,497 ETH, boosting its total holdings to 5,416,901 ETH.
According to data from Dropstab, the Tom Lee-led company is sitting on an estimated $9.2 billion in unrealized losses on its ether holdings, as the cryptocurrency extends its decline. Ethereum is down 4.16% in the past 24 hours to trade at $1,774 as of 9:50 p.m. ET on Wednesday. It is down 32% over the past year.
Bitmine (BMNR) fell 5.95% to close Wednesday at $16.9, The Block's stock price page shows.