#BitminePlans300MPreferredStockOffering
BitMine's $300M Preferred Stock Offering: The Strategy Playbook Adapted for Ethereum*
BitMine Immersion Technologies (NYSE: BMNR), the largest corporate Ethereum treasury company, has filed a preliminary SEC prospectus to issue up to 3 million shares of 9.50% Series A Perpetual Preferred Stock at $100 per share — targeting $300 million in gross proceeds. The preferred shares will list on NYSE under ticker BMNP within 30 days of first issuance.
Key Offering Details:
- Dividend Rate: 9.50% fixed annual rate, paid weekly in cash cumulative and accrues regardless of declaration
- Annual Obligation: ~$28.5 million on the initial $300M offering size
- Staking Revenue Coverage: BitMine projects $258 million in annualized staking revenue from its 5,416,901 ETH treasury, providing significant coverage over dividend obligations on paper
- Underwriters: Moelis & Company and Cantor Fitzgerald
The Treasury Picture:
BitMine's full treasury as of May 26 totals approximately $12.3 billion, comprising 5,416,901 ETH (valued at ~$2,003/token), 203 Bitcoin, a $200M stake in Beast Industries, a $97M stake in Eightco Holdings (Nasdaq: ORBS), and $446M in cash. However, against $18.83 billion in total invested capital, the ETH position carries an estimated $9.2 billion unrealized loss after ETH declined from ~$5,000 in October to below $1,800.
Why This Matters for Crypto Markets:
BitMine is adapting Strategy's (formerly MicroStrategy) preferred stock playbook but instead of Bitcoin, it's leveraging Ethereum staking yield to fund preferred dividends. Strategy itself recently sold 32 BTC (~$2.5M) at $77,135/coin to fund STRC preferred dividends, signaling that even the most committed corporate holders are managing cash flow obligations.
The critical variable for BMNP investors: the gap between actual staking yield and the fixed 9.5% dividend. If ETH prices decline further or staking yields compress, the coverage ratio deteriorates and larger preferred issuances at the same rate would eventually exceed staking revenue before expenses and taxes.
This offering represents a fascinating experiment in corporate crypto treasury management converting volatile staking income into a fixed-income instrument. Whether BMNP becomes a reliable yield vehicle or a structural drag depends entirely on ETH's trajectory.

#分享美股交易赢英伟达股票 After SpaceX goes public, who will achieve a market cap doubling first, Tesla or SpaceX?
As an investor, many probably have thought about this question, right?
Currently, is it more suitable to invest in Tesla or SpaceX?
For long-term investors, the consideration is which company has a higher ceiling.
But for most people, the focus should be on which company will grow faster.
Right?
Now, let's quantify it.
Do you think after SpaceX's IPO, who will achieve a market cap doubling first—Tesla or SpaceX?
On June 12, SpaceX will officially list on NASDAQ with an estimated valuation of about $1.75-1.77 trillion, becoming one of the largest IPOs in history.
At the same time, Tesla's market cap is about $1.47 trillion.
From the moment SpaceX goes public, which company can double its market cap first—SpaceX from $1.77 trillion to $3.54 trillion, or Tesla from $1.47 trillion to about $2.94 trillion—will be one of the hottest topics in the market.
SpaceX's IPO pricing has fully reflected super narratives like Starlink, Starship, orbital AI computing power, with a price-to-sales ratio of 90-95 times (2025 revenue about $18.7 billion).
Over-subscription indicates hot market sentiment, and there may be a premium on the first day, even a brief surge past $2 trillion.
But a high valuation also means a higher threshold for doubling, and the small public offering volume combined with high lock-up periods will amplify volatility.
In comparison, Tesla is in a relatively "undervalued" zone:
Although its PE remains high, its revenue scale is larger (close to $95 billion),
with actual deployment paths for Robotaxi, humanoid robot Optimus, energy storage, and FSD.
Its current market cap has retreated from historical highs, providing more room for revaluation.
Therefore, SpaceX starts at a higher point but is more "expensive," while Tesla's starting point is slightly lower but has a more certain growth story.
Regarding growth drivers, SpaceX's doubling catalysts are more long-term disruptive, including continuous explosive growth in Starlink users and revenue, significant cost reductions from successful Starship commercialization, defense and interstellar contracts, and orbital AI infrastructure development after merging with xAI.
Optimists like ARK Invest expect its enterprise value to reach $2.5 trillion by 2030, but in the short term (1-2 years), perfect execution is needed to double quickly.
Tesla's doubling catalysts are more recent and verifiable, such as scaled Robotaxi networks (already testing in multiple cities), mass production of Optimus humanoid robots, high growth in energy storage, and FSD subscription revenue.
If either Robotaxi or Optimus exceeds expectations in the second half of 2026, doubling within 1-2 years is not impossible.
Both also share a common variable: Elon Musk's dual roles.
Success of SpaceX will strengthen Tesla's ecosystem, and vice versa, but funding and attention may also create a "see-saw" effect between the two companies.
From the timeline perspective, in the short term (6-12 months after listing), Tesla is more likely to double first.
SpaceX's IPO may easily trigger a "sell the news" correction, while if Tesla hits milestones in Robotaxi events or subsequent earnings reports, market sentiment could quickly recover to the $2.5-3 trillion range.
History shows that high-growth tech stocks often outperform overvalued newcomers during catalyst realization periods.
In the medium term (1-3 years), SpaceX's story is more imaginative; if Starlink and AI infrastructure exceed expectations, its chances of doubling will increase, but execution risks (huge capital expenditure, competition, technical delays) are also higher.
In extreme scenarios, if macroeconomic conditions worsen, both will face pressure;
if the AI and space boom continues, SpaceX might surpass later with new narratives.
Conservative institutions like Morningstar believe SpaceX's current valuation has already priced in some growth, while Tesla's "physical AI" path is more grounded.
Some market opinions even suggest that SpaceX's listing could lead to Tesla capital outflows, but in the long run, both support each other.
This "doubling race" is essentially a contest of narratives and execution:
SpaceX sells future space and AI infrastructure, Tesla sells tangible robots and autonomous driving.
Investors need to assess their risk appetite—those seeking certainty and growth might focus on Tesla catalysts, while believers in super narratives may allocate to SpaceX, accepting greater volatility.
No matter who doubles first, Elon Musk's empire will benefit.
History shows that Tesla grew from a $17.7k IPO in 2010 to a trillion-dollar valuation today by continuously hitting milestones;
whether SpaceX can replicate this path depends on whether it can turn its high valuation into real revenue and profit after listing.