Bitmine Mimics Strategy with Perpetual Preferred Stock Offering

Bitmine Immersion Technologies is taking a cue from its peers in the crypto space by launching a $300 million perpetual preferred stock offering. The company has filed with the SEC to issue 3 million of its 9.5% Series A perpetual preferred stock at $100 per share, which will trade under the symbol BMNP.

The preferred shares will pay dividends on a weekly basis, amounting to $9.50 per year for every $100 share. This move is reminiscent of Strategy's financing approach, which has seen its Stretch (STRC) perpetual preferred stock scale to $8.5 billion in just nine months.