Bitmine Files 9.5% Preferred Stock Offering to Fund $4B Ethereum Buyback Program

BMNR-5.21%
ETH-4.28%
According to an official announcement, Bitmine Immersion filed to offer 3 million shares of Series A Perpetual Preferred Stock with a 9.50% annual yield to fund a $4 billion Ethereum buyback program. As of May 31, the company held 5.42 million ETH worth approximately $10.8 billion, representing about 4.49% of Ethereum's total supply. Bitmine's chairman Tom Lee aims to reach 5% ownership of all circulating ETH. The capital raise includes plans for additional ETH acquisitions, expanding staking infrastructure through its MAVAN validator network, and supporting working capital needs. Dividends will be paid weekly in cash if declared by the board.
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