BitMine Immersion Technologies is seeking $300 million through a preferred stock sale that would pay a 9.5% annual dividend and, if approved, be listed on the New York Stock Exchange. The filing gives the Tom Lee-led company fresh money it can use to add more Ether while tying investor returns to a board-declared cash payout.
A New Way To Fund Ether Buying Ethereum Exposure Comes With StringsThe company said it intends to seek a New York Stock Exchange listing for the preferred shares, with a ticker to be announced later. Reports also pointed to rising institutional interest in Ethereum after US spot Ether ETFs and BlackRock’s move into tokenized financial products.
A Trend Borrowed From Bitcoin Treasury PlaysThe move follows a pattern that has already appeared in other crypto-heavy public companies. Strategy’s STRC and Strive’s SATA have shown how preferred stock can be used to raise cash while keeping the market focused on digital asset exposure.
For now, the pitch is plain. Pay a high yield, raise new capital, and keep adding to Ethereum. The filing lays out the upside and the risk in the same breath.
At the time of writing, Ethereum was trading at $1,745, down 12% in the last week, data from Coingecko shows.
Featured image from Pexels, chart from TradingView
