Earlier this month, Bitmine raised approximately $274 million by selling 3.5 million shares of 9.50% Series A perpetual preferred stock. The preferred stock, which trades on the New York Stock Exchange under the symbol BMNP, pays weekly cash dividends.
Lee has argued that the company’s equity operation provides recurring cash flow to support those obligations. Bitmine currently has 4.72 million ETH at stake, more than 83% of its holdings.
The company projects annualized betting revenue of approximately $223 million, with potential betting rewards reaching $268 million annually through its MAVAN betting platform.
The company announced another round of scheduled dividend payments that will extend through August, paying $0.1847 per share.
crypto spring
Lee reiterated his view that the cryptocurrency market is in the early stages of a recovery from the recession that began with the October 2025 liquidation shock.
At Consensus Miami last month, he argued that the bear market would end “for good” if bitcoin closed May above $76,000. Instead, BTC ended the month below $74,000 before briefly falling below $60,000 in early June.
Still, Lee said the recent pushback hasn’t changed his broader perspective.
“We believe we are in the early stages of the crypto spring,” he said.
Lee also reaffirmed his long-term bullish stance on Ethereum, arguing that growing demand for tokenization and AI applications will drive adoption of the network in the coming years.
