BitMine Files 9.5% Yield Offering to Fund $4B ETH Buyback

Bitmine Immersion is raising fresh capital as it pushes deeper into its Ethereum accumulation strategy. The company announced plans to offer 3 million shares of its new 9.50% Series A Perpetual Preferred Stock. The move comes only weeks after its largest Ethereum purchase of 2026 and as the firm moves closer to its goal of owning 5% of Ethereum’s total supply.

The offering also arrives shortly after the company expanded its stock repurchase program to $4 billion. Investors now view the capital raise as another sign that Bitmine remains committed to aggressive ETH accumulation despite recent market volatility.

Bitmine Expands Ethereum Strategy

According to the announcement, proceeds from the offering may be used for several purposes. These include acquiring additional ETH, expanding staking infrastructure, supporting working capital needs, and repurchasing common stock under the company’s existing buyback program. The preferred shares will carry a fixed annual dividend yield of 9.50%. Dividends will be paid weekly in cash if declared by the board. The company also stated that unpaid dividends could compound over time, potentially increasing the effective yield under certain conditions. For Bitmine Immersion, the offering provides another source of capital as it continues building one of the largest corporate Ethereum treasuries in the world.

Tom Lee Remains Focused on Ethereum

The latest announcement follows another major ETH purchase. As of May 31, the company held 5.42 million ETH worth approximately $10.8 billion. Those holdings represent about 4.49% of Ethereum’s total supply. Chairman Tom Lee Ethereum strategy remains centered on what he calls the “Alchemy of 5%,” a plan to acquire 5% of all circulating ETH.

Earlier this week, Lee said: “ETH prices are not reflecting the strengthening of Ethereum fundamentals.” The company believes Ethereum continues to benefit from growing institutional adoption, tokenization trends, and increasing blockchain usage from artificial intelligence applications.

Staking Business Continues to Grow

Beyond accumulation, Bitmine is expanding its validator business. The company recently launched MAVAN, short for Made-in America VAlidator Network. The platform currently supports billions of dollars worth of staked ETH. According to Bitmine, more than 4.7 million ETH are already staked through MAVAN and partner validators. Management estimates annual staking revenue could eventually approach $300 million if all holdings become fully deployed. This strategy allows the company to generate yield while maintaining long-term exposure to the Ethereum price.

How This Affects Developers and Investors

The announcement carries implications for investors and developers. For investors, the new preferred shares offer exposure to Bitmine’s Ethereum strategy while providing a fixed yield. At the same time, the capital raise signals that management expects long-term value creation from continued ETH accumulation.

For developers, Bitmine’s expanding validator infrastructure strengthens Ethereum’s ecosystem. More institutional staking can improve network security and support growing demand for decentralized applications. The company’s continued investment also sends a signal that large institutions remain confident in Ethereum’s future despite short-term market swings.

What Comes Next

Bitmine has applied to list the preferred shares on the New York Stock Exchange under the ticker BMNP. Meanwhile, the company’s focus remains unchanged. It continues buying ETH, expanding staking operations, and moving toward its ambitious ownership target. As BMNR raises fresh capital and pursues additional purchases, investors will closely watch whether the firm can achieve its goal of controlling 5% of Ethereum’s supply. For now, Bitmine ETH accumulation remains one of the boldest treasury strategies in the crypto industry. With Tom Lee Ethereum conviction unchanged, the company appears determined to keep building its position regardless of short-term price fluctuations.