BMNP
9.50% Series A Perpetual Preferred Stock
Latest price and dated assessment
*Includes eligible declared dividends still awaiting payment, valued at their stated amount. This is not cash received or a realized sale gain. No reinvestment; before fees and taxes. See calculation and cash breakdown.
Nasdaq reports $99.36; other provider observations differ. See the retained price discrepancy.
Assessment and scenario: September 15 close ($97.84; 9.71% indicated yield). The price/yield above is the newer snapshot; this assessment has not been rewritten for it.
At $97.84, the fixed 9.5% rate implies 9.71% indicated yield—approximately STRF’s indicated income, but backed by a different issuer and an ETH-staking model. Staking offers a revenue source, yet gross rewards are not distributable cash. The pre-launch financial statements do not establish BMNP payment coverage.
What would improve or weaken the case?
Improves: Demonstrated post-issuance cash generation after operating costs, a reconciled preferred count and a more favorable entry price would make the payment case easier to support.
Weakens: A joint fall in ETH price and staking yield compresses dollar rewards; lockups, slashing, counterparty problems or financing stress can reduce usable liquidity. The $2.16 discount to stated amount does not guarantee recovery.
Watch: Seek post-launch cash-flow results, current BMNP share counts, actual dividends and liquid cash distinct from marketable securities or staked ETH. June’s 3.5 million shares imply $33.25m annual ordinary dividends, not proof of today’s outstanding amount.
Explore a scenario using the September 15 entry price
This shows how a hypothetical sale price and distributions combine. It is not a price target or a forecast. Distributions are cash-equivalent amounts; STRK cash settlement is not guaranteed.
Entry $97.84; no reinvestment, fees or taxes. Default assumes a full year at the snapshot rate with all distributions realized. Rates and payments may change. Setting income to zero shows the price-only outcome.
Historical September 15 calculation inputs (latest inputs: price and rate evidence): Closing prices: Stock Analysis · Dividend declaration
BMNP price history
Why investors consider it
A fixed contractual rate with weekly cash scheduling and cumulative rights.
Main trade-off
Payments can be deferred, and cumulative rights do not assure timely cash or full recovery.
What supports the dividends?
The latest financial statements examined cover nine months ended May 31, 2026, before BMNP was issued. Operating cash outflow was $287.592 million, affected by filing-described one-time fees. This historical figure should not be annualized as recurring cash burn and cannot establish post-launch BMNP payment coverage.
The June 10 issue comprised 3.5 million BMNP shares, implying $33.25 million of annual ordinary dividends at 9.5% on $100. That is an issuance snapshot; a current September preferred count has not been established. September 13 holdings included 5,956,378 ETH, 212 BTC and $549 million of cash and marketable securities combined. The combined balance is not cash alone.
Assessment: ETH staking can generate recurring revenue, but gross rewards are not cash available after expenses and other claims. Post-issuance cash-flow evidence remains necessary to establish operating dividend coverage. Staking liquidity, counterparties and capital-market access also matter.
Staking stress and evidence limitations
Holding staked quantity constant, a hypothetical 30% ETH-price fall and 20% reward-rate fall reduce gross dollar rewards by 44%, before costs and taxes. This is a scenario, not a forecast. The September 14 release gives inconsistent September 7/13 dates for its staked-token count; we do not use that count to claim a current coverage ratio. Its projected staking revenue is not realized free cash.
May 31 financial statements and subsequent offering · September 14 holdings release
Understand the contract
What you own
9.50% Series A Perpetual Preferred Stock issued by Bitmine Immersion Technologies, Inc..
Preferred equity with no scheduled maturity. It is not direct ownership of the issuer’s digital assets.
How payments work
Cash dividends require a board declaration and legally available funds, subject to the terms. Unpaid dividends accumulate, but that does not guarantee prompt payment.
Rights & exit limits
No conversion option. Perpetual. Issuer calls and defined fundamental-change repurchase rights are conditional; there is no general holder cash-out right.
Primary sources and research dates
Certificate filed June 10, 2026; issuer September 14, 2026 8-K identifies BMNP as its NYSE preferred stock. Sources checked September 15, 2026.