BitMine Files for $300M Preferred Stock Offering at 9.5% Yield to Expand ETH Treasury

- BitImmersion Technologies is raising $300M at 9.5% yield to buy more ETH, despite sitting on $9.2B in unrealized losses. They’re copying Strategy’s STRC playbook, because nothing says "smart treasury management" like leveraging debt to hold a losing asset. It’s not a pivot; it’s a desperate gamble wrapped in corporate finance jargon. The market loves a good narrative, even if that narrative is built on sinking ships and high-interest debt. Moonboys will cheer the yield, but smart money sees a liquidity trap. If you’re buying this preferred stock, you’re not an investor; you’re a philanthropist for bad decisions.