BitMine Immersion Technologies (BMNR) filed a preliminary prospectus for 3,000,000 shares of Series A Perpetual Preferred Stock at a 9.50% yield. The offering is priced at $100 per share and will pay a fixed 9.5% annual dividend in cash, accumulating weekly. BitMine is looking to raise $300 million in gross proceeds.

The proceeds would be staked on Ethereum via its MAVAN network. BitMine has already amassed over 5.4 million ETH in its digital asset treasury. The move has raised concern about added obligations from the fixed dividend commitment, which sits ahead of common shareholders.

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