Bitmine is following Strategy's lead by issuing preferred shares, essentially a copy of STRC, with a fixed annualized return of 9.50%. Currently, STRC isn’t doing well, mostly due to the impact of Strategy’s initial token sale. Here’s an analysis of Bitmine’s situation: Compared to BTC, ETH has the advantage of staking rewards. Bitmine currently holds about 5.4 million ETH, with annualized staking rewards of approximately $296 million—over 10 times the dividend payout for this issuance. So, even if ETH doesn’t increase in value, the cash flow can cover the obligations of the new preferred shares. In the early stages, since the issuance volume isn’t high, Bitmine’s pressure will be much lower. Relying on staking rewards to support this isn’t a big issue. However, in the long term, this becomes a negative arbitrage. Once the preferred share issuance reaches a certain scale, the ~3% staking yield will definitely be insufficient to cover the 9.5% annualized return. At that point, ETH price growth will be necessary. We can watch to see if STRC manages to recover market confidence this time, as it will also influence how much the market accepts Bitmine’s preferred share strategy.