Bitmine Issues $300M Weekly-Pay Preferred Stock as DAT Firms Face mNAV Collapse

According to Odaily星球日报, on June 3, Bitmine announced plans to issue $300 million in perpetual preferred stock with a 9.5% yield, with dividends paid weekly in cash. The announcement comes amid broader stress in the DAT (Digital Asset Trust) sector. Strategy, another major digital asset firm, sold 32 BTC (approximately $2.5 million) in late May to cover preferred stock dividends, triggering a sharp market sell-off that sent Bitcoin below $65,000—a decline of over 14% in two trading days.

Both firms now trade below market net asset value (mNAV): Strategy at 0.82 and Bitmine at 0.80, according to SoSoValue data. Meanwhile, spot Bitcoin ETFs posted their 12th consecutive net outflow day, totaling nearly $4 billion, while spot Ethereum ETFs saw 16 consecutive days of outflows totaling approximately $800 million.