Bitmine Launches $300M Preferred Stock Offering with 9.5% Yield

BitMine Immersion Technologies, led by Fundstrat co-founder Tom Lee, is launching a $300 million preferred stock offering, according to a filing with the U.S. Securities and Exchange Commission. The company is offering 3 million shares of Series A Perpetual Preferred Stock at $100 per share, with a 9.5% annual dividend rate. The shares will be listed on the NYSE under the ticker BMNP, subject to approval. This move follows the strategy of bitcoin-centric firms like Michael Saylor's Strategy to secure new funding sources amid crypto market pressures, according to CoinDesk.