Bitmine Adds $136 Million in Ethereum Holdings After $274 Million Preferred Stock Raise

Bitmine Immersion Technologies continued to increase its Ethereum holdings after purchasing 76,881 ETH worth approximately $136 million over the past week. The latest acquisition brings the company’s total Ethereum treasury to 5.62 million ETH, reinforcing its position as one of the largest corporate holders of the eth.

The purchase follows a successful capital raise in which the company secured $274 million through the sale of preferred stock. Bitmine’s growing focus on Ethereum comes despite recent price weakness, with company executives expressing confidence in the network’s long-term fundamentals.

Tom Lee Remains Bullish on Ethereum

Bitmine Chairman Thomas Lee said the company is maintaining an elevated pace of Ethereum purchases because recent price declines do not reflect the strengthening fundamentals of the Ethereum ecosystem.

Alongside its Ethereum holdings, Bitmine also owns 204 Bitcoin, $502 million in cash and marketable securities, and investments in several companies. Combined crypto assets, cash reserves and investments now total approximately $10.4 billion.

Preferred Stock Strategy Funds Growth

The company recently launched its 9.50% Series A Perpetual Preferred Stock, raising $274 million to support future growth. The preferred shares will begin trading on the New York Stock Exchange under the ticker BMNP and offer weekly cash dividend payments.

The financing approach mirrors strategies increasingly used by digital asset treasury firms to raise capital for cryptocurrency purchases. However, Lee argued that Bitmine has a stronger cash-flow foundation because of Ethereum staking rewards.

According to the company, projected annualized staking rewards are expected to generate around $219 million, providing recurring income that can help support dividend payments while allowing Bitmine to continue expanding its Ethereum treasury.