BMNP
9.50% Series A Perpetual Preferred Stock
At this price
The price below $100 raises indicated yield above the 9.5% fixed rate. Staking is a possible recurring revenue source, but current cash-only liquidity, preferred share count and post-launch operating coverage remain unestablished. The yield does not resolve those uncertainties.
Assessment and scenario use October 30 prices. A later price-only update does not silently refresh this assessment. Indicated yield annualizes the snapshot ordinary rate; it is not promised income or total return.
One-year scenario at the October 30 entry price
Not a forecast: assumes distributions are realized in cash-equivalent value, no reinvestment, fees or taxes. STRK cash settlement is not assured; variable rates may change.
Entry $97.00. At the assumed $9.5 distributions, price-only decline to $87.50 would offset that income before costs. Omitted or deferred payments change the result.
Other provider observations differ. See retained evidence.
BMNP price history
Why consider it?
Fixed cash dividend with weekly scheduling and exposure to an ETH-focused issuer.
Main trade-off
Post-launch operating dividend coverage is unestablished; staking estimates are not distributable cash.
Income terms
Weekly, with business-day adjustments. Cumulative.
Cash, subject to declaration and legally available funds; weekly Friday/next-business-day schedule. Actual installment amounts vary with period calculation.
No scheduled maturity. Preferred equity is not a secured loan or direct ownership of the issuer’s digital assets. Priority does not guarantee payment or recovery.
What supports the dividends?
Bitmine reported $514m of cash and marketable securities combined as of October 25—not a cash-only balance—alongside 6,051,933 ETH, 215 BTC and 5,227,037 staked ETH. Its $318m annualized current-staking estimate and $368m fully-staked projection are forward-looking, not cash available after expenses. Common-stock buybacks of $399.6m in 2026 are a competing use of capital.
The latest financial statements found end May 31, before BMNP launched. Nine-month operating cash flow was negative $287.592m, including one-time capital-raising, advisory, legal and consulting costs; this is not a recurring-burn forecast. Financing inflow was $12.218bn. Staking/validation revenue was $45.743m for the quarter, but revenue is not distributable cash.
What cannot yet be measured
The initial 3.5m-share issue implies $33.25m annual ordinary dividends at 9.5%. Current BMNP outstanding shares, current debt, cash-only liquidity and post-launch operating cash flow remain unestablished. No current all-obligation coverage or runway ratio is claimed. May 31 cash of $340.289m, liabilities of $30.128m and reported zero debt are historical balances, not October figures.
B02: Balance sheet p3; operations p4; cashflows pp6–7; subsequent events; MD&A liquidity and Other income(expense) · B03: Holdings paragraph Oct25 2PMET; staking paragraphs; common buybacks; forward-looking statements
Detailed terms, arrears and exit rights
Unpaid dividends
Unpaid dividends can compound at escalating rates under the certificate. Deferral provisions affect director-election triggers; a simple missed-week count is misleading.
Exit limits
Ordinary optional-call schedule starts at $110, but cleanup/tax calls use liquidation preference plus arrears. Conditional fundamental-change put; no conversion, maturity or general $100 exit.
Liquidation preference is a contractual calculation, not a guaranteed $100 recovery or market floor.
B04: Certificate §§1,4,5,6,7,8,9; committee adoptedJune4 · B05: Declared dividend table rows12–28 · B06: Risk factors; Description of SeriesA Preferred Stock; NoPreemptive andConversion Rights
Sources, dates and limits
Primary-source review updated October 31; financial periods and effective dates remain separately stated. This is investment research, not a financial-statement audit. Declarations and scheduled payment dates are not proof of brokerage receipt. Distribution tax treatment depends on issuer reporting and investor circumstances; return of capital is not a blanket tax-free promise.
B04: Certificate §§1,4,5,6,7,8,9; committee adoptedJune4 · B05: Declared dividend table rows12–28 · B06: Risk factors; Description of SeriesA Preferred Stock; NoPreemptive andConversion Rights