🧠 Bitmine wants $300M… but is 9.5% dividend enough to erase an $8.5B hole?

Let’s break it down 👇

#BitminePlans300MPreferredStockOffering just dropped, and it’s a wild one.

The company filed with the SEC to issue 3 million shares of 9.5% Series A perpetual preferred stock at **$100/share** (ticker: **BMNP**). Goal? Raise ~$300M.

Where’s the money going?
➡️ Buy more ETH
➡️ Expand staking infrastructure
➡️ Repurchase common stock

But here’s the part that makes you pause:
Bitmine already holds 5.42 million ETH – that’s ~$10.8 billion worth, or 4.49% of the entire ETH supply.

And their unrealized losses? Over $8.5 billion. 😳

So yes – they’re doubling down.

The big question for investors:
A 9.5% fixed dividend on preferred stock sounds juicy in a low-yield world. But with that much ETH exposure (and those kinds of paper losses), will buyers trust the balance sheet?

Perpetual preferred means no maturity date. Dividends pile up as long as the company survives. But if ETH keeps sliding? That $8.5B loss could get even deeper.