Earlier this month, Bitmine raised about $274 million through the sale of 3.5 million shares of 9.50% Series A Perpetual Preferred Stock. The preferred shares, which trade on the New York Stock Exchange under the ticker BMNP, pay weekly cash dividends.
Lee has argued that the company’s efforts provide recurring cash flows to support those commitments. Bitmine currently has 4.72 million ETH staked – more than 83% of its holdings.
The company expects annual staking revenue of approximately $223 million, with potential staking rewards of $268 million annually through its MAVAN staking platform.
The firm announced another round of scheduled dividend payments extending 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 argued that the bear market would “definitely” be over if bitcoin closed May above $76,000. Instead, BTC finished the month below $74,000 before briefly dipping below $60,000 in early June.
Still, Lee said the latest withdrawal hasn’t changed his broader outlook.
“We think we are in the early stages of the crypto spring,” he said.
Lee also reaffirmed his long-term bullish stance on Ethereum, arguing that growing demand from tokenization and artificial intelligence applications will drive adoption of the network in the coming years.
