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Bitmine adds another $136 million of ether after raising $274 million in preferred stock sale

coindesk.com 2 h

Ethereum

Summary

Bitmine purchased 76,881 $ETH last week, worth roughly $136 million at current prices.
The firm recently closed a $274 million preferred stock offering and plans to list the shares on the NYSE.
Chairman Tom Lee said that Bitmine's Ethereum staking revenue provides support for preferred equity dividend payments.

BitMine Immersion Technologies (BMNR), the largest Ethereum-focused treasury company, continued its purchase streak after raising fresh capital through a preferred stock sale.

The firm acquired 76,881 ether ($ETH) over the past week, worth roughly $136 million based on $ETH's current price, lifting Bitmine's treasury to 5.62 million $ETH.

The company also held 204 bitcoin, $502 million in cash and marketable securities and stakes in Beast Industries and Eightco Holdings, bringing total crypto, cash and investment holdings to $10.4 billion.

The latest purchase was smaller than the previous week's 126,971 $ETH acquisition, its largest weekly haul of 2026. Still, it suggests the company remains committed to accumulating $ETH despite Lee's comments last month about slowing purchases as the firm neared its goal of owning 5% of Ethereum's supply.

"We are maintaining a somewhat elevated pace of buying as we believe this pullback in $ETH prices does not reflect the strengthening of Ethereum fundamentals," Bitmine Chairman Thomas Lee said.

Bitmine's preferred equity debut

The purchase comes on the heels of raising $274 million by issuing preferred equity that offers 9.5% annualized dividend. The move resembles financing tools pioneered by bitcoin treasury firm Strategy (MSTR), which have increasingly turned to preferred equity and other yield-bearing securities to fund crypto purchases.

The firm's 9.50% Series A Perpetual Preferred Stock will begin trading on the New York Stock Exchange (NYSE) under the ticker BMNP on Tuesday and pay weekly cash dividends.

Strategy's preferred equity model came under pressure recently with investors questioning how the bitcoin treasury firm will fund its growing dividend commitments.

Lee said that Bitmine's revenue stream from Ethereum staking offers a healthier setup.

The preferred stock offers a "good balance sheet diversification" tool for Bitmine, Thomas “Tom” Lee, the company's chairman, said in a statement.

"The company’s current projected annualized staking rewards of approximately $219 million provide recurring cash flow to support the dividends related to the Series A Preferred shares."