Tom Lee’s BitMine Seeks $300 Million Raise to Buy More Ethereum

Tom Lee-backed BitMine is doubling down on Ethereum. The company has filed plans to raise to $300 million through a new preferred stock offering, with much of the capital expected to fund additional ETH purchases and expand its staking operations. The move comes as BitMine races toward its goal of controlling 5% of Ethereum’s total supply.

BitMine Turns to Preferred Shares to Expand ETH Treasury

According to a new SEC filing, BitMine plans to offer 3 million shares of its 9.50% Series A Perpetual Preferred Stock, each carrying a stated value of $100. If fully subscribed, the offering would generate approximately $300 million before expenses.

Investors would receive a fixed 9.50% annual dividend paid weekly in cash, with the shares expected to trade on the New York Stock Exchange under the ticker BMNP.

The fundraising follows a series of aggressive Ethereum purchases by the company. BitMine recently acquired another 26,497 ETH worth roughly $52 million, pushing its total holdings to 5.42 million ETH, or about 4.5% of Ethereum’s circulating supply.

Ethereum Staking Becomes BitMine’s Core Business

Unlike many crypto treasury companies that simply hold digital assets, BitMine has built its strategy around generating income from Ethereum staking.

The company said approximately 4.7 million ETH is currently staked through its MAVAN validator network, making staking its primary source of revenue. Based on current rates, those holdings are projected to generate nearly $276 million in annual staking rewards.

That figure is significantly higher than the roughly $28.5 million annual dividend obligation tied to the new preferred shares, a structure that may appeal to investors seeking exposure to Ethereum-backed cash flows.

BitMine Pushes Closer to Its 5% Ethereum Goal

The latest raise shows a growing trend among public companies adopting crypto treasury strategies.

While Strategy built its reputation around accumulating Bitcoin, BitMine is attempting something similar with Ethereum. Over the past few months, the company has steadily increased its ETH holdings through multiple large purchases, including acquisitions worth $151 million and $237 million earlier this year.

Part of the new capital may also be used to expand validator infrastructure, support Ethereum-related investments, and fund stock buybacks under the company’s existing $4 billion repurchase program.

Ethereum Treasury Race Continues

The announcement arrives during a struggling period for Ethereum. ETH is currently trading near $1,745, down about 16% this month.

Despite the recent decline, BitMine appears convinced that Ethereum remains a long-term opportunity. If the offering succeeds, the company will have even more capital to increase its ETH position and strengthen its role as one of the largest corporate holders of Ethereum.