Bitmine Expands Ether Treasury After $274 Million Preferred Stock Sale

BitMine Immersion Technologies added 76,881 ether to its treasury over the past week, a purchase worth roughly $136 million based on current ETH prices cited by CoinDesk. The company’s ether holdings now stand at 5.62 million ETH after the latest acquisition.

The move matters because Bitmine is using a financing structure that has become closely associated with crypto treasury companies: raising capital through preferred equity and using the proceeds to expand digital asset holdings. CoinDesk described Bitmine as the largest Ethereum-focused treasury company, making its accumulation strategy a notable signal for the corporate ETH treasury market.

Bitmine recently raised $274 million by issuing preferred equity with a 9.5% annualized dividend. Its 9.50% Series A Perpetual Preferred Stock is expected to trade on the New York Stock Exchange under the ticker BMNP and pay weekly cash dividends.

The company also reported holding 204 bitcoin, $502 million in cash and marketable securities, and stakes in Beast Industries and Eightco Holdings. Including crypto, cash and investments, Bitmine’s total holdings were reported at $10.4 billion.

Chairman Thomas Lee said Bitmine was maintaining an elevated buying pace because the company believes the pullback in ETH prices does not reflect strengthening Ethereum fundamentals. He also said projected annualized staking rewards of about $219 million provide recurring cash flow to support dividends tied to the Series A preferred shares.