BitMine, the Ethereum treasury firm led by Thomas Lee, is tapping preferred equity markets to fund continued ETH accumulation despite mounting unrealized losses exceeding $8.5 billion. On June 3, the company announced plans to sell 3 million shares of 9.50% Series A perpetual preferred stock at a $100 stated value per share, targeting up to $300 million in fresh capital. The 9.5% annual payout signals that BitMine must offer above-market yields to attract investors given the volatility risk tied to its Ethereum-heavy balance sheet. Perpetual preferred stock carries no maturity date, meaning the dividend obligation is ongoing. The move reflects a broader trend of crypto-native firms using traditional capital market instruments to finance digital asset treasury strategies, even as paper losses raise questions about long-term financial sustainability.
— Sponsored —
Trade smarter on BYDFI
Get a bonus on your first deposit — from $50 at $100, up to $2,000 at $20k. 200x leverage, 600+ perpetuals, deep liquidity.