Earlier this month, Bitmine raised roughly $274 million through the sale of 3.5 million shares of 9.50% Series A Perpetual Preferred Stock. The preferred shares, which trade on the New York Stock Exchange under the ticker BMNP, pay weekly cash dividends.
Lee has argued that the company’s staking operation provides recurring cash flow to support those obligations. Bitmine currently has 4.72 million ETH staked — more than 83% of its holdings.
The company projects annualized staking revenue of roughly $223 million, with potential staking rewards reaching $268 million annually through its MAVAN staking platform.
The firm announced another round of scheduled dividend payments extending through August, paying $0.1847 per shares.
