BitMine Offers 9.5% Preferred Stock for ETH Strategy
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BitMine, led by Thomas Lee, is tapping the preferred-stock market to fund its Ethereum strategy, offering a 9.5% annual dividend. The company plans to sell 3 million shares of Series A perpetual preferred stock at $100 each, potentially raising $300 million. This move comes as BitMine faces over $8.5 billion in unrealized losses on its Ethereum holdings, highlighting the risks of its concentrated treasury strategy. The high-yield offering may attract income-focused investors, but the underlying asset volatility and paper losses raise concerns about sustainability. The market will watch whether this capital raise stabilizes BitMine's position or exacerbates its exposure to ETH price swings.
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