A Bitcoin mining company just raised nearly $274 million by selling preferred stock on the New York Stock Exchange. And it plans to spend the money buying Ethereum.

Bitmine Immersion Technologies (NYSE: BMNR) launched trading of its Series A Perpetual Preferred Stock under the ticker BMNP on June 16, 2026, priced at $80 per share. The shares carry a 9.50% annual dividend based on a $100 liquidation preference, paid weekly in cash.

Inside the offering

The company completed an upsized public offering of 3.5 million preferred shares on June 10, 2026, generating approximately $273.8 million in net proceeds.

Here’s how the math works on the dividend. Each share has a $100 liquidation preference but trades at $80, meaning buyers are getting the stock at a 20% discount to its liquidation value. The 9.50% annual dividend is calculated on that $100 figure, not the $80 purchase price. In English: investors buying at $80 are earning an effective yield north of 11.8% annually.

The initial dividend payment is set at $0.316667 per share for the period from issuance, with subsequent weekly dividends coming in at $0.105556 per share.

The “perpetual” label means these shares have no maturity date. Unlike bonds that eventually come due, this preferred stock stays outstanding indefinitely unless the company decides to redeem it.

From Bitcoin miner to Ethereum treasury

The company has disclosed Ethereum holdings exceeding 5.5 million ETH, positioning itself as one of the largest corporate holders of the asset. Proceeds from this offering will primarily fund additional Ethereum acquisitions and the expansion of Bitmine’s MAVAN staking infrastructure.

Tom Lee, co-founder of Fundstrat and a well-known figure in both traditional finance and crypto circles, leads the company.

By issuing preferred equity rather than common shares, Bitmine raises significant capital while minimizing dilution to existing common stockholders.

What this means for investors

Income investors see a NYSE-listed preferred stock yielding over 11% at current prices with weekly payouts. The NYSE listing provides liquidity that many crypto-adjacent income products lack. You can buy and sell BMNP through a standard brokerage account, no crypto wallet required.

Bitmine’s ability to sustain weekly dividend payments depends entirely on its operational performance and the value of its Ethereum holdings. Staking revenue from the MAVAN infrastructure provides some cash flow buffer, but it’s unlikely to cover dividend obligations on its own if the underlying asset craters.

Bitmine’s treasury, its staking infrastructure, and now its preferred stock obligations all revolve around a single asset: Ethereum. If something goes fundamentally wrong with ETH, whether through regulatory action, a technical failure, or simply a prolonged bear market, every layer of this financial structure feels the pain simultaneously.