BitMine, backed by prominent Wall Street analyst Tom Lee, is planning a $300 million preferred stock offering designed to fund an Ethereum-focused treasury strategy. The structure would link fixed cash dividends to a staking-heavy ETH holdings model, positioning BitMine as a corporate accumulator of Ethereum in a manner similar to how Strategy has approached Bitcoin. The move comes as Strategy's own preferred stock faces market pressure, raising questions about investor appetite for yield instruments tied to volatile crypto assets. By combining dividend obligations with staking rewards, BitMine aims to create a self-sustaining treasury model where ETH yields partially offset payouts to preferred shareholders. The offering signals growing institutional interest in Ethereum as a treasury reserve asset beyond its role as a smart contract platform.
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