Bitmain Preferred Stock BMNP hit an all-time high today. Listed at $80 in June, it has now reached $97—just two and a half months later. Its low was $79.73, and it has risen nearly 22% from there. The fact that a $100 par value, 9.5% perpetual preferred stock is trading significantly above its issuance price signals that the market is beginning to believe: “These dividends are actually going to be paid.” These dividends aren’t just theoretical—they come from the staking rewards generated by Bitmain’s Ethereum holdings. According to today’s disclosure, Bitmain holds 5.9 million ETH, representing 4.9% of the total supply, with total assets of $15.6 billion. For 14 consecutive months, it has been purchasing ETH weekly, and its annualized staking yield has already reached hundreds of millions of dollars—this is the fuel behind BMNP’s weekly dividends. This isn’t just a Bitmain story. When a preferred stock hits an all-time high, it reflects rising corporate creditworthiness—and rising corporate creditworthiness means there’s renewed confidence in Bitmain’s ability to raise capital to buy more ETH. The model—raising capital through preferred shares without diluting common stock, then using that capital to acquire Ethereum—is now gaining traction in the market. When the world’s largest corporate ETH treasury buys ETH weekly, and the financial instrument backing those purchases hits a new high, it’s undeniably positive for Ethereum demand. Of course, BMNP isn’t a multi-bagger like ETH. It’s a high-yield instrument trading near $100. The upside potential lies more with common stock BMNR and ETH itself. Still, the fact that Wall Street is now pricing in the legitimacy of the model—“buy ETH, stake it, pay dividends”—is a clean and meaningful signal. Today marks the day when preferred shares hit a new high, while ETH holdings continue to grow. If you ask whether this is good news? At the very least, it’s not something to ignore. ethereum:native $BMNR $BMNP