BMNP — Bitmine Immersion Technologies Preferred Stock

No borrowings today. Bitmine's 10-Q for the quarter to 31 May 2026 shows no notes, loans, convertible notes or credit facilities. Total liabilities were about $30m (accrued liabilities, a lease, warrant liability and other items) against roughly $11.6bn of assets.

That could change. The prospectus says BMNP is "junior to any existing and future indebtedness" and structurally junior to the liabilities of Bitmine's subsidiaries, and Bitmine says it may issue debt or equity to buy more digital assets. Any debt added later would rank ahead of BMNP.

BMNR common stock. It absorbs losses first and is paid last. Because BMNP dividends are cumulative, common dividends can't be declared until any unpaid BMNP amounts are cleared.

A missed payment compounds at the regular rate plus 5 basis points, rising 5 bps every week to a cap of 15% a year. Two consecutive misses let preferred holders appoint extra board members.

BMNP is the one where the underlying asset earns the dividend. Bitmine's prospectus says it expects to fund the dividend "primarily through the yield generated on our ETH holdings from staking, option strategies on Ethereum and additional capital raising activities".

It holds 6,001,302 ETH, most of it staked through its MAVAN platform, and writes options against the rest. Current annualised staking revenue is about $357M/yr (disclosed 20 September 2026).

At launch the dividend bill was about $33m a year against roughly $276m of projected staking revenue, around eight times cover. Staking yield moves with the ETH price and network conditions, and the dividend isn't the only call on that cash. There is no separate cash reserve like STRC's or SATA's.