Tom Lee's Bitmine to offer preferred stock with 9.5% dividend, seeking to raise $300 million

BitMine Immersion Technologies (BMNR), an Ethereum treasury company led by Fundstrat co-founder Tom Lee, is borrowing a page from Strategy's financing playbook and launching a $300 million preferred stock offering as crypto treasury firms search for new ways to secure funding. According to a Wednesday filing with the U.S. Securities and Exchange Commission (SEC), the company is offering 3 million shares of its Series A Perpetual Preferred Stock at a stated value of $100 per share. The securities carry a 9.5% annual dividend rate, with dividends paid weekly in cash if declared by the company's board.