Image Credit: Shutterstock
BitMine Immersion Technologies acquired 76,881 ETH over the past week, worth roughly $136 million at current prices. The purchase lifted its holdings to 5,620,754 ETH and followed the close of a $273.8 million preferred stock offering.
BitMine Treasury Holdings Reach $10.4B After ETH Buy
BitMine’s Ethereum position now represents about 4.66% of Ethereum’s total supply of roughly 120.7 million ETH, putting the company most of the way toward its stated goal of owning 5% of Ethereum’s circulating supply.
The company also holds 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 prior week’s 126,971 ETH buy, which BitMine had described as its largest weekly ETH purchase of 2026. The latest purchase followed Tom Lee’s recent remarks about slowing purchases as BitMine approached its 5% target.
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 has staked 4,718,677 ETH, representing more than 83% of its total holdings, through MAVAN, a validator network the company uses for institutional staking infrastructure.
Preferred Stock Sale Mirrors Strategy’s Crypto Treasury Playbook
BitMine closed the sale of 3.5 million shares of its 9.50% Series A Perpetual Preferred Stock on June 10, raising approximately $273.8 million in net proceeds. The shares are set to begin trading on the New York Stock Exchange under the ticker BMNP on June 16 and will pay weekly cash dividends.
The offering structure also drew comparisons to other crypto treasury funding models, particularly those pioneered by bitcoin treasury firm Strategy, which has increasingly relied on preferred equity and other yield-bearing securities to fund its crypto purchases.
Strategy’s preferred equity model has recently faced scrutiny from investors questioning how the company will fund its growing dividend commitments.
Lee said staking revenue could provide recurring cash flow to help support preferred-share dividends, pointing to BitMine’s existing staking operations as a more durable structure for covering the company’s own obligations.
The Series A Preferred Stock offering is good balance sheet diversification for Bitmine.
