The $BMNR team is getting very creative with how they raise cash to finish buying $ETH.
They are issuing $300 million of preferred shares (that are not convertible to common stock - therefore not dilutive) that will pay a 9.5% annual dividend.
With current annual staking revenues being about $300 million, they will likely pay the 9.5% dividend (~$30 million annually) from this staking yield.
Theses preferred shares will be able to be bought back at any time by Bitmine. This gives the company flexibility if interest rates drop or their capital position improves, they can buy back the shares to get that 9.50% dividend obligation off their books. Essentially allowing themself to refinance their capital structure at any point.
