Monitor BMNP preferred trading debut on June 16 and the pace of ETH accumulation. The preferred dividend coverage from staking revenue is a key credit metric. Watch for further ETH price moves and any updates on the 'Alchemy of 5%' target.
Price Chart
Executive Summary
Bitmine Immersion Technologies disclosed ETH holdings of 5.62 million tokens (4.66% of supply) and total crypto+cash+moonshots of $10.4B. The company closed a 3.5M-share Series A Preferred Stock offering at $80/share, netting ~$273.8M, with the preferred (BMNP) starting to trade June 16. Staking rewards are projected at $226M annualized, supporting the 9.5% preferred dividend. The filing is a routine operational update with a capital raise component.
Key Facts
- ETH holdings: 5,620,754 tokens (4.66% of total ETH supply of 120.7M)
- Total crypto + cash & marketable securities + moonshots: $10.4B
- Closed offering of 3,500,000 shares of 9.50% Series A Perpetual Preferred Stock at $80.00 per share, net proceeds ~$273.8M
- Series A Preferred Stock (BMNP) expected to begin trading on NYSE June 16, 2026
- Staked ETH: 4,718,677 tokens ($8.1B at $1,718/ETH), representing 83% of ETH holdings
- Projected annualized staking rewards: $226M currently, $269M when fully staked
- Declared third weekly cash dividend of $0.2639 per preferred share, payable July 6, 2026
- Named to Fortune Crypto 100 list for 2026
Financial Impact
Preferred offering raised $273.8M net; staking revenue projected at $226M-$269M annualized; total holdings $10.4B
Risk Factors
- ETH price volatility could reduce the value of crypto holdings and staking revenue
- Preferred dividend obligation of 9.50% requires sustained staking income; any disruption in staking yields could pressure the dividend
- Dilution from future equity or preferred offerings to fund additional ETH purchases
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001493152-26-028622 |
| Exhibit: ex99-1.htm | 0001493152-26-028622 |
| Document: 0001493152-26-028622-index-headers.html | 0001493152-26-028622 |
| Document: 0001493152-26-028622-index.html | 0001493152-26-028622 |
| Document: 0001493152-26-028622.txt | 0001493152-26-028622 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 14, 2026 18d ago | 8-K | $25.76 $23.60 | ▼ −8.39% | ▼ −7.93% | $26.73 (+3.77%) |
Aug 31, 2026 4w ago | 8-K | $25.32 $23.37 | ▼ −7.70% | ▼ −7.01% | $26.73 (+5.57%) |
Aug 24, 2026 5w ago | 8-K | $24.14 $24.82 | ▲ +2.82% | ▲ +2.50% | $26.73 (+10.73%) |
Aug 17, 2026 6w ago | 8-K | $18.73 $18.28 | ▼ −2.40% | ▼ −1.73% | $26.73 (+42.71%) |
Aug 14, 2026 7w ago | 8-K | $18.08 $18.73 | ▲ +3.60% | ▲ +4.07% | $26.73 (+47.84%) |
Aug 10, 2026 7w ago | 8-K | $18.10 $18.09 | ▼ −0.06% | ▲ +0.26% | $26.73 (+47.68%) |
Aug 3, 2026 8w ago | 8-K | $17.42 $18.10 | ▲ +3.90% | ▲ +2.10% | $26.73 (+53.44%) |
Jul 27, 2026 9w ago | 8-K | $17.92 $17.57 | ▼ −1.95% | ▼ −2.19% | $26.73 (+49.16%) |
Jul 20, 2026 10w ago | 8-K | $16.63 $17.23 | ▲ +3.61% | ▲ +2.77% | $26.73 (+60.73%) |
Jul 16, 2026 11w ago | 8-K | $15.44 $15.69 | ▲ +1.62% | ▲ +2.61% | $26.73 (+73.12%) |
US Market Status
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