Bitmine Eyes STRC-Style Preferred Stock Raise as $9.2B Unrealized ETH Losses Mount
Bitmine is moving to replicate Strategy's (STRC) capital-markets playbook by launching a preferred stock offering to fund continued Ethereum accumulation, even as its existing ETH treasury sits deep in unrealized losses. The move signals that conviction-based crypto treasury strategies are migrating from Bitcoin to Ethereum despite severe mark-to-market pressure. For institutional observers, the offering tests whether equity markets will continue to finance leveraged digital-asset accumulation when underwater positions dominate the balance sheet.