Bitmine Immersion Technologies has launched a $280–300 million preferred stock offering modeled on Michael Saylor’s bitcoin treasury strategy. However, it is designed for Ethereum and its staking yield, according to company disclosures. The firm priced a 9.50% perpetual preferred stock. It will trade on the NYSE under the ticker BMNP. The company plans to use the proceeds to buy more Ether. It will also expand its staking and validator operations. The shares carry a $100 face value and pay a fixed $9.50 annual dividend, distributed weekly in cash.