BitMine, the Ethereum treasury company backed by Tom Lee, has priced a preferred share offering carrying a 9.5% dividend yield, mirroring the capital-raising model pioneered by Strategy for its Bitcoin reserves. The offering was upsized, signalling stronger-than-expected investor demand, with proceeds earmarked specifically for Ethereum purchases. The move reflects a growing trend of publicly traded companies adopting cryptocurrency treasury strategies, extending beyond Bitcoin into Ethereum. By issuing preferred shares rather than common equity or debt, BitMine provides investors with fixed income exposure while retaining flexibility to accumulate ETH. The structure closely echoes instruments Strategy has used to fund its Bitcoin buying programme, suggesting the corporate crypto treasury playbook is being adapted for the Ethereum ecosystem.
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