Bitmine is adopting the Strategy model in response to unrealized ETH losses amounting to $9.3 billion.

The company has filed for the listing of 3 million preferred shares (BMNP) on the NYSE. Trading, supported by Moelis & Company and Cantor, will commence within 30 days. The new shares replicate the model of MicroStrategy's STRC shares, which amount to $10.5 billion. Holders of BMNP are promised fixed dividends at 9.5% annually. If there are delays in payouts, compound interest is planned—the rate will increase by 5 basis points to a maximum of 15%. The company may use the $300 million raised to purchase additional ETH. Bitmine owns 5.4 million ETH ($9.5 billion), representing 4.5% of the coin’s supply. With investments totaling $18.9 billion at an average price of $3,500, the unrealized loss is $9.3 billion (-49.5%).