Bitmine Readies STRC-Style Preferred Stock Amid $9.2B Unrealized ETH Losses

Bitmine is moving forward with a preferred stock offering modeled on the STRC structure, according to The Block. The launch comes as the company sits on approximately $9.2 billion in unrealized losses tied to its Ethereum holdings.

The STRC-style framework would give Bitmine a new capital-raising tool while it manages a sizable gap between its equity valuation and its ETH treasury. The $9.2 billion figure reflects paper mark-to-market losses rather than realized damage, meaning the hit only counts if the position is actually sold.

Details on the offering's size, timing, and terms have not yet been disclosed. The development puts Bitmine in the small club of crypto-treasury firms experimenting with preferred share structures to monetize or finance their holdings, though in this case the backdrop is an unusually large unrealized drawdown.