BitMine Immersion Technologies is seeking $300 million through a preferred stock sale that would pay a 9.5% annual dividend and, if approved, be listed on the New York Stock Exchange. The filing gives the Tom Lee-led company fresh money it can use to add more Ether while tying investor returns to a board-declared cash payout.A New Way To Fund Ether BuyingThe company said it plans to sell 3 million shares at $100 each, according to a supplement filed with the SEC. BitMine also said the dividend would be paid in cash if the board declares it, which makes the structure different from a simple one-time stock sale.The filing goes further than a normal fundraising note. BitMine said its business strategy is now centered on the Ethereum blockchain, ETH, staking, validator infrastructure, and treasury management.Tom Lee / @BitMNR just filed to raise $300M through 9.5% preferred stock while ETH is breaking down. This looks like a deliberate move to accelerate accumulation.They likely plan to use their current cash to buy $ETH aggressively right now, while the preferred offering… https://t.co/uLrPN3KKkE— SolarEtherPunk.eth (@SolarEtherPunk) June 4, 2026That gives the raise a clear purpose. Based on the filing, the preferred stock is meant to support BitMine’s push to keep building its Ether holdings rather than sit as idle capital.Ethereum Exposure Comes With StringsBitMine warned that its results remain closely linked to Ether’s price, staking economics, regulation, and counterparty risk in digital asset operations. The company is taking in new capital, but it is also making a bigger public bet on the token’s next move.The company said it intends to seek a New York Stock Exchange listing for the preferred shares, with a ticker to be announced later. Reports also pointed to rising institutional interest in Ethereum after US spot Ether ETFs and BlackRock’s move into tokenized financial products.A Trend Borrowed From Bitcoin Treasury PlaysThe move follows a pattern that has already appeared in other crypto-heavy public companies. Strategy’s STRC and Strive’s SATA have shown how preferred stock can be used to raise cash while keeping the market focused on digital asset exposure.Strive recently increased its ASST and SATA offerings by $2.1 billion apiece, while a vote on Strategy’s STRC semi-monthly dividend proposal was set to end on June 8. BitMine’s version shifts that same financing model toward Ether instead of Bitcoin.For now, the pitch is plain. Pay a high yield, raise new capital, and keep adding to Ethereum. The filing lays out the upside and the risk in the same breath.At the time of writing, Ethereum was trading at $1,745, down 12% in the last week, data from Coingecko shows.Featured image from Pexels, chart from TradingView