Episode Details

BitMine just raised $273 million in a surprise oversubscribed preferred stock offering at $80 per share, betting big on Ethereum’s rise in institutional finance—with a juicy 9.5% dividend and a floor price of $100 per share. The funds will fuel Ethereum buying, staking infrastructure, or stock buybacks, backed by Tom Lee as chairman. But with fixed payouts tied to Ethereum’s volatile price, a downturn could strain finances—even as they aim for NYSE listing. After pivoting from Bitcoin to Ethereum last summer, they now hold $8 billion in ETH, but much of it’s underwater amid price declines.

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