Peter Schiff says Bitmine Immersion (NYSE:BMNR) is “borrowing a page from Saylor’s Ponzi playbook” after filing to raise $300 million through preferred shares to buy more Ethereum (CRYPTO: ETH).
3 Million Shares At 9.5% Yield Filing With NYSE Under BMNP
Bitmine filed with the SEC to offer 3 million shares of Series A perpetual preferred stock at a fixed cumulative dividend rate of 9.5% annually on a $100 per share base.
Dividends pay weekly in cash, with unpaid amounts accruing compounded interest starting at 9.55% and rising by 5 basis points per period up to a maximum of 15%.
The shares will list on the NYSE under the ticker BMNP within 30 days of first issuance. Moelis and Cantor are acting as joint lead bookrunners.
Proceeds will fund general corporate purposes including purchasing additional ETH and expanding staking operations.
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