Bitmine Immersion Files to Raise $300 Million Through Preferred Shares
The company plans to sell 3 million shares of Series A perpetual preferred stock at a 9.5 percent annual dividend to fund purchases of Ethereum and expansion of staking operations. Peter Schiff described the filing as borrowing a page from Michael Saylor's playbook.
BenzingaBitmine Immersion filed documents with regulators to offer 3 million shares of Series A perpetual preferred stock priced at $100 each. The shares carry a fixed cumulative dividend of 9.5 percent paid weekly in cash. Unpaid amounts accrue compounded interest beginning at 9.55 percent and increasing by five basis points each period up to a maximum of 15 percent.
The preferred shares will list on the NYSE under ticker BMNP within 30 days of first issuance, with Moelis and Cantor serving as joint lead bookrunners.
Proceeds are designated for general corporate purposes, including additional purchases of Ethereum and expansion of staking operations. Peter Schiff stated that the filing amounts to borrowing a page from Saylor's playbook. The shares represent a strategy similar to one used by another firm that issues perpetual preferred stock to acquire cryptocurrency holdings.
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