- BitMine purchased 76,881 ETH worth approximately $136 million over the past week.
- The company’s Ethereum treasury has now grown to 5.62 million ETH, bringing total holdings to $10.4 billion.
- Chairman Tom Lee says the recent ETH price pullback does not reflect Ethereum’s improving fundamentals.
BitMine Immersion Technologies, the largest Ethereum-focused treasury company, has expanded its ETH holdings once again after securing fresh capital through a preferred stock offering. The firm acquired an additional 76,881 ETH during the past week, valued at roughly $136 million based on current market prices.
The latest purchase pushes BitMine’s Ethereum treasury to an impressive 5.62 million ETH. Alongside its Ethereum reserves, the company also holds 204 Bitcoin, approximately $502 million in cash and marketable securities, and investment stakes in Beast Industries and Eightco Holdings. Combined, BitMine’s crypto, cash, and investment portfolio now stands at roughly $10.4 billion.
BitMine Continues Buying Despite Earlier Slowdown Plans
While the newest acquisition is smaller than the previous week’s massive purchase of 126,971 ETH, which marked the company’s largest weekly Ethereum accumulation of 2026, the move signals that BitMine remains firmly committed to expanding its position.
The continued buying activity is notable because Chairman Tom Lee had previously suggested that purchases could slow as the company approached its goal of controlling 5% of Ethereum’s total supply. Instead, the firm appears to be taking advantage of recent market weakness to accumulate more ETH at lower prices.
According to Lee, Ethereum’s recent price correction does not accurately reflect the network’s strengthening fundamentals. As a result, BitMine believes current market conditions offer an attractive opportunity to continue building its treasury.
Preferred Stock Sale Raises Fresh Capital
The latest Ethereum purchase follows BitMine’s successful preferred equity offering, which raised approximately $274 million. The newly issued securities offer investors a 9.5% annualized dividend, creating another funding source for the company’s crypto accumulation strategy.
The financing structure mirrors methods popularized by Bitcoin treasury giant Strategy, which has increasingly relied on preferred stock and yield-bearing securities to fund additional Bitcoin purchases. Treasury companies across the crypto sector are now adopting similar approaches as they seek to expand their digital asset holdings without relying solely on traditional financing.
Ethereum Staking Revenue Supports Dividend Payments
BitMine believes its preferred stock strategy benefits from a key advantage that many Bitcoin treasury firms lack. Unlike Bitcoin, Ethereum generates staking rewards that create recurring cash flow for holders who participate in network validation.
The company estimates its annualized Ethereum staking rewards currently generate approximately $219 million in recurring revenue. According to Lee, that income stream helps support the dividend obligations associated with the firm’s newly issued Series A Perpetual Preferred Stock.
The preferred shares, trading under the ticker BMNP on the New York Stock Exchange beginning Tuesday, will pay weekly cash dividends to investors. Lee described the offering as a valuable balance sheet diversification tool, allowing BitMine to continue growing its Ethereum position while maintaining a recurring source of cash flow to support shareholders.
