Bitmine, the Ethereum treasury company led by Tom Lee, is set to raise up to $300 million by issuing preferred stock, following a strategy similar to that of Strategy. The company plans to issue 3 million Series A perpetual preferred shares, each with a par value of $100 and an annual dividend yield of 9.5%, paid weekly in cash. These shares are expected to be listed on the New York Stock Exchange under the ticker BMNP. According to filings with the U.S. Securities and Exchange Commission, Bitmine has amassed over 5.3 million ETH, valued at approximately $10 billion, representing about 4.5% of Ethereum's circulating supply. Despite this, the company is currently facing a paper loss of around $9 billion.