BMNR
New money, same crypto adrenaline
BitMine Immersion is back in the market asking investors for cash, this time through a $300 million preferred-stock raise. The company says the proceeds will go toward general corporate purposes — which, in crypto-company speak, includes buying more ETH and growing staking operations.
The Saylor cosplay continues
The structure is doing its best impression of Strategy’s STRC playbook, just with Ethereum instead of Bitcoin. BitMine filed with the SEC to sell 3 million shares of Series A perpetual preferred stock at a 9.5% fixed cumulative dividend, with weekly cash payouts and unpaid dividends compounding if they get skipped. Fancy words, same basic idea: raise capital, load up on crypto, hope the market keeps the music playing.
Why Wall Street is side-eyeing this
Peter Schiff didn’t exactly send flowers. He called the move “borrowing a page from Saylor’s Ponzi playbook,” arguing that investors have no reason to prefer BMNP when Strategy’s preferred already yields more and Ethereum has been sliding.
- BitMine says it has 5,416,901 ETH on the books
- It also says it added 26,497 ETH as recently as June 1
- Ethereum is down sharply, which makes fresh ETH buying feel a little like adding spice to a fire
The stock market part of the story
BMNR is already wobbling around the $16 area, so this raise lands at a pretty delicate moment. If crypto weakens again, BitMine’s balance-sheet bet gets louder — and not in a good way.
Big picture: this is another reminder that crypto treasury strategies can look brilliant on the way up and very spicy on the way down. If you’re holding BMNR, you’re not just betting on ETH — you’re betting that markets will keep funding the next ETH purchase.