BitMine Immersion Technologies · Michael Saylor · Ethereum · Strategy · CoinDesk
Bitmine publishes another $136 million of ether after raising $274 million in preferred stock sale
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BitMine Immersion Technologies (BMNR), the largest Ethereum-focused treasury company, continued its purchase streak after raising fresh capital through a preferred stock sale.
Key facts
- 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
- 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
- In May, combined exchange volumes fell 3.45% to $4.41T; the lowest since September 2024
- The purchase comes on the heels of raising $274 million by issuing preferred equity that offers 9.5% annualized dividend
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. 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.