BitMine's Preferred Stock Begins Trading This Week As Ethereum Heads For Its Worst First Half Since 2022

BitMine, the world's top Ethereum treasury, follows Chairman Tom Lee's "5% alchemy" ethos of using ETH as its currency reserve.

• BitMine Immersion Technologies' 9.50% Series A preferred shares are set to begin trading on the NYSE on Tuesday.
• BitMine's board declared an initial dividend of $0.316667 per share and a weekly dividend of $0.105556.
• The listing comes as Ethereum is set for its 2nd-worst first half on record, only behind 2022.

BitMine Immersion Technologies' (BMNR) Class A perpetual preferred shares have been approved for listing on the New York Stock Exchange (NYSE) under the ticker “BMNP” and are expected to begin trading on Tuesday, June 16, carrying an annualized dividend yield of 9.50%.

On Sunday, Bitmine’s Board of Directors declared an initial cash dividend of $0.316667 per share, covering the period since the shares were first issued on June 10, payable on June 22 to shareholders of record as of the close of trading on June 12.

A second, regular weekly dividend of $0.105556 per share will follow, payable on June 26 to shareholders of record as of June 16. Equiniti Trust Company will act as transfer agent, registrar, and paying agent for the preferred shares. 

BMNR’s stock closed down by 2% on Friday. On Stocktwits, the retail sentiment around BMNR remained in the ‘bearish’ zone, while chatter stayed at ‘low’ levels over the past day.

Ethereum's Rough First Half

The launch comes as Ethereum (ETH) heads toward one of its weakest first halves on record. 

According to CoinGlass data, ETH posted a -29.26% return in the first quarter of 2026,  and a -20.43% return in the second, marking only the second time on record that Ethereum has logged red first and second quarters in the same year, the first being 2022, when ETH fell over 67% in the second quarter. 

The current weakness follows a 28% decline in the fourth quarter of 2025, raising the possibility of three consecutive quarters of losses exceeding 20%, a stretch of weakness not seen since the 2022 bear market.

BitMine is the world's leading Ethereum treasury company, guided by Chairman Tom Lee’s "5% alchemy" philosophy focused on ETH as its primary cash reserve asset. The company has also launched Made-in-America Validator Network (MAVAN), a staking infrastructure dedicated to its Ethereum holdings.

Ethereum’s price was trading at $1,664, down by 0.8% during the past 24 hours. On Stocktwits, the retail sentiment around ETH moved to ‘bearish’ from ‘neutral’ zone, while chatter around it shifted to ‘low’ from ‘normal’ levels over the past day. 

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