PANews reported on June 4th that Bitmine, Tom Lee's Ethereum treasury company, is following Strategy's fundraising model by issuing preferred stock to seek new funding sources. According to documents Bitmine filed with the U.S. Securities and Exchange Commission (SEC), the company will issue 3 million Series A perpetual preferred shares, with a par value of $100 per share and an annual dividend yield of 9.5%, paid weekly in cash. The preferred stock is planned to be listed on the New York Stock Exchange under the ticker symbol BMNP, with a planned fundraising target of up to $300 million.

Bitmine has accumulated more than 5.3 million ETH (worth about $10 billion) over the past year, accounting for about 4.5% of the circulating supply of Ethereum, and is currently experiencing a paper loss of about $9 billion.