Bearish for Ethereum
BitMine Preferred Stock Dividend Risk
Stable
Steady attention in Ethereum coverage, without a clear trend.
Updated 14 October 2026
The bearish argument: BitMine's preferred stock issuance is a risky strategy due to potential insufficiency of staking income and ETH price volatility.
How attention has changed
0% of Ethereum coverage
Rolling 3-day share · as of 14 Oct 2026
This measures attention in published coverage, not the likelihood of a price move.
| Date | Share of coverage |
|---|---|
| 2026-09-15 | 0% |
| 2026-09-16 | 0% |
| 2026-09-17 | 0% |
| 2026-09-18 | 0% |
| 2026-09-19 | 0% |
| 2026-09-20 | 0% |
| 2026-09-21 | 0% |
| 2026-09-22 | 0% |
| 2026-09-23 | 0% |
| 2026-09-24 | 0% |
| 2026-09-25 | 0% |
| 2026-09-26 | 0% |
| 2026-09-27 | 0% |
| 2026-09-28 | 0% |
| 2026-09-29 | 0% |
| 2026-09-30 | 0% |
| 2026-10-01 | 0% |
| 2026-10-02 | 0% |
| 2026-10-03 | 0% |
| 2026-10-04 | 0% |
| 2026-10-05 | 0% |
| 2026-10-06 | 0% |
| 2026-10-07 | 0% |
| 2026-10-08 | 1% |
| 2026-10-09 | 0.7% |
| 2026-10-10 | 0.6% |
| 2026-10-11 | 0% |
| 2026-10-12 | 0% |
| 2026-10-13 | 0% |
| 2026-10-14 | 0% |
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The argument and its evidence
Several outlets can carry the same argument; no single article is its origin. Read each one in its own context.
Recent coverage
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CoinDesk · Published 7 Oct 2026
Tom Lee says Bitmine to soon stop buying ETH
In coverage record: 8 Oct 2026
“The firm's ETH holdings carry $4.5 billion in unrealized losses, according to data collected by DropsTab.”
Read article
Earlier coverage
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CryptoSlate · Published 6 Sep 2026
Bitmine may not need to buy more ETH to reach its 5% Ethereum goal
In coverage record: 7 Sep 2026
“However, Ethereum's expanding supply complicates that path because every increase in the network's token count raises the amount Bitmine must hold to preserve a 5% share. At 1% growth, even retaining every modeled reward would fall short without additional purchases.”
Read article -
Crypto News · Published 31 Aug 2026
BitMine adds 53,501 ETH as holdings reach 5.9M
In coverage record: 1 Sep 2026
“Concentrating much of the company's reported value in Ethereum also creates risks for shareholders. BitMine's quarterly SEC filing identifies ETH price volatility, liquidity constraints, unrealized losses, custody arrangements, counterparty exposure and changes to U.S. rules governing digital assets and staking as factors that could affect its results.”
Read article -
CryptoSlate · Published 21 Jul 2026
BitMine is now $484 million away from completing its 5% Ethereum target
In coverage record: 22 Jul 2026
“BitMine recorded a $92.1 million loss on derivative contracts and posted a net loss of $83.6 million for the period. Those results show the two sides of BitMine's Ethereum strategy as it closes in on its ownership target. The treasury is producing revenue, but its financial performance remains exposed to token prices, staking yields, derivatives positions.”
Read article -
CryptoSlate · Published 21 Jul 2026
BitMine gets 98% of revenue from staking as a decade-long contract complicates an early exit
In coverage record: 22 Jul 2026
“The agreement has a 10-year initial term, and BMNR may terminate for convenience with 180 days' prior written notice. If BMNR ends the agreement early for a reason other than certain cause grounds tied to Tower, including breach, insolvency or misconduct, Tower may elect one of two economic outcomes... Tower's 2% interest would persist, and either continuing revenue participation or the formula-based payment could remain as alternative outcomes.”
Read article -
CryptoSlate · Published 15 Jul 2026
BitMine made $46 million staking Ethereum then lost twice that betting on it
In coverage record: 16 Jul 2026
“BitMine recorded a $92.1 million loss on Ethereum-linked derivatives during the quarter, roughly twice the revenue generated by its staking operation over the same three months. Over the first nine months of the fiscal year, derivative losses totaled $133.3 million... more than twice the income produced by staking ETH.”
Read article -
Crypto News · Published 24 Jun 2026
what it means for ETH
In coverage record: 25 Jun 2026
“Staked ether is not gone forever, and that is the catch. Staking can be undone. If BitMine ever needed liquidity badly enough, it could begin unstaking and selling. The locked supply is locked by choice, not by law, and choices can reverse under pressure.”
Read article -
Crypto News · Published 8 Jun 2026
Bitmine’s 5.54M Ethereum bet puts its 5% supply goal within reach
In coverage record: 9 Jun 2026
“A separate crypto.news report examined whether Bitmine’s growing stake could add concentration risks around Ethereum.”
Read article -
Decrypt · Published 5 Jun 2026
Tom Lee's Ethereum Treasury BitMine Prices Preferred Shares With 9.5% Dividend
In coverage record: 6 Jun 2026
“Ethereum’s collapse from an all-time high near $5,000 last August to a recent price of $1,591—a more than 67% drop—has put the firm’s holdings more than $10 billion underwater.”
Read article -
CryptoSlate · Published 4 Jun 2026
Ethereum treasury giant offers 9.5% payout as BitMine paper losses top $8.5 billion
In coverage record: 5 Jun 2026
“BitMine does not pledge a dedicated pool of staking income to the preferred shares...the firm also warns that staking income may not be sufficient and that staked ETH may not be immediately available for withdrawal or sale during periods of stress.”
Read article