Bitmine Plans ETH Treasury Raise, FG Nexus Faces $85M Loss

Within days of each other, two public companies saw contrasting developments in their Ethereum treasury strategies. One is raising new capital to expand its position. The other reported losses exceeded $85 million.

The difference highlights diverging approaches to corporate Ethereum treasury exposure.

Bitmine Immersion Technologies Inc, the world's largest Ethereum treasury company, filed with the Securities and Exchange Commission (SEC) on Wednesday to launch a public offering of Series A perpetual preferred stock. 

The company is seeking to offer 3 million shares at $100 per share, carrying a fixed cumulative dividend rate of 9.50% annually, and plans to list the shares on the NYSE under the ticker BMNP, pending approval.

The company plans to use proceeds primarily to purchase additional Ethereum and expand staking and validator operations.

Bitmine’s Ethereum treasury strategy includes staking, which generates yield from validating transactions on the Ethereum network. These rewards may contribute to covering dividend obligations on the preferred shares.

Listing the preferred shares on the NYSE positions the offering within regulated capital markets and makes it accessible to institutional investors.

FG Nexus, the Nasdaq-listed company, took a different approach, acquiring Ethereum as a treasury reserve asset. The company purchased 50,770 ETH between August and September 2025 at an average price of $3,860, totaling about $196 million.

As ETH prices declined, the company reduced its position. By November 2025, it had sold 36,025 ETH at an average price of $2,330, generating about $83.92 million from assets originally worth roughly $140 million.

According to onchain data tracker Lookonchain, the realized loss exceeded $85 million.

There is no public indication that the company implemented staking-based yield strategies or formal hedging mechanisms during the period.

Bitmine Immersion Technologies Inc. and FG Nexus represent two different approaches to Ethereum treasury exposure.

Bitmine is using structured capital markets financing and staking yield to turn Ethereum treasury exposure into a managed, income-generating balance sheet position. That makes its model more resilient and closer to traditional finance structures.

FG Nexus, by contrast, treated Ethereum primarily as a directional treasury asset without visible yield generation or robust downside management, and suffered large losses when the market moved against it.

The divergence is less about market timing and more about structure. One model integrates operational yield and capital markets access. The other relies primarily on directional exposure to ETH price without evident mechanisms to absorb prolonged drawdowns.

The developments reflect early and evolving approaches to corporate Ethereum treasury adoption. Some companies are building structured, yield-generating models tied to staking, while others are taking direct exposure to ETH price movements.

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