Earlier this month, Bitmine raised approximately $274 million through the sale of 3.5 million shares of 9.50% Series A perpetual preferred stock. The preferred shares, traded on the New York Stock Exchange under the symbol BMNP, pay weekly cash dividends.
Lee argued that the company’s staking operations provide recurring cash flow to support these obligations. Bitmine currently holds 4.72 million ETH, over 83% of its holdings.
The company projects annualized staking revenue of approximately $223 million, with potential staking rewards reaching $268 million annually through its MAVAN staking platform.
The company announced another round of dividend payments scheduled through August, paying $0.1847 per share.
Crypto Spring
Lee reiterated his view that the crypto market is in the early stages of a recovery from the downturn that began with the October 2025 liquidation shock.
At Consensus Miami last month, he claimed the bear market would “definitely” be over 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 pullback hasn’t changed his broader outlook.
“We believe we are in the early stages of crypto spring,” he said.
Lee also reaffirmed his long-term bullish stance on Ethereum, saying growing demand from tokenization and artificial intelligence applications will drive adoption of the network in the coming years.
