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.

Copying Strategy’s STRC But With ETH Losses Piling Up

The structure mirrors Strategy Inc.’s (NASDAQ:MSTR) STRC preferred stock, which pays 11.5% annually and has grown to roughly $10.5 billion in total notional since launching in July 2025. 

Strategy built that program on Bitcoin (CRYPTO: BTC). Bitmine is attempting the same with Ethereum as the underlying asset.

Schiff predicted the offering will “blow up on the launch pad,” arguing that with MSTR’s preferred already yielding over 12% and Ethereum tanking, investors have no reason to choose BMNP. 

Ethereum trades at $1,774, down 4.16% on the day and 32% over the past year.  Bitmine holds 5,416,901 ETH and carries $9.2 billion in unrealized losses on that position according to Dropstab data.

The company added 26,497 ETH as recently as June 1, continuing to accumulate despite the losses.

BMNR Pressing Critical $16 Floor In Pre-Market

BMNR trades at $16.90 with pre-market extending losses to $16.39, pressing directly on the $16 horizontal floor that has held since February. 

The full EMA stack sits bearishly overhead, with Supertrend at $20.91 deep red.

A daily close below $16 confirms a range breakdown with no visible support until $13 to $14. 

A bullish recovery requires defending $16 and reclaiming the 20 EMA at $19.57 to target $20.79 to $20.91. 

Bitcoin weakness below $67,000 is pulling all crypto-adjacent stocks lower simultaneously, adding pressure to an already fragile chart.

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