Bitmine (BMNR) plans to issue preferred shares with a yield of 9.5% to raise $300 million for the purchase of ETH.

The shares will be traded on the NYSE under the ticker BMNP. The company is replicating the financial model of Michael Saylor’s Strategy, which also raised capital through preferred shares to replenish its Bitcoin treasury.

The funds raised will be used for further accumulation of ETH. Over the past year, Bitmine has become the largest corporate holder of Ether—holding over 5.3 million ETH (~$10 billion, about 4.5% of the circulating supply). Meanwhile, amid ETH’s drop below $1,800 from its October highs near $5,000, the unrealized loss amounts to roughly $9 billion.

The offering is taking place at a challenging time: Strategy’s preferred shares STRC have fallen 5% below their par value of $100, and Strive SATA is trading 3% below par.