CoinDesk
Bitmine Immersion Technologies (BMNR) added 76,881 ETH over the past week — roughly $136 million at current prices — bringing its total ether treasury to 5.62 million ETH, alongside 204 BTC, $502 million in cash and marketable securities, and minority stakes in Beast Industries and Eightco Holdings that push total crypto, cash and investment holdings to $10.4 billion. The purchase comes fresh on the heels of a $274 million issuance of 9.50% Series A Perpetual Preferred Stock, which begins trading on the NYSE under the ticker BMNP on Tuesday and pays weekly cash dividends. Chairman Tom Lee framed the deal as a Strategy-style financing tool, but pointed to a structural difference: Bitmine's projected annualized staking rewards of roughly $219 million, which he said would cover the preferred dividend without forcing further balance-sheet leverage.
Why it matters
The raise is the clearest sign yet that the Michael Saylor / Strategy financing template — issuing yield-bearing preferred equity to fund crypto accumulation — has migrated from bitcoin into ether. That's a structural milestone: until now, ETH-treasury plays were funded mostly with common equity, converts and at-the-market offerings. Preferred stock with a fixed 9.5% coupon is a heavier commitment, and one that demands a real, recurring revenue stream to service. Lee's pitch is that Ethereum staking yield, not capital appreciation, is what covers the dividend. That reframes Bitmine from a pure ETH-bag vehicle into something closer to a yield + treasury hybrid, with the staking APY acting as the engine rather than a footnote.
Market impact
The timing also matters. Bitmine's previous week was its largest 2026 haul at 126,971 ETH, and the new 76,881 ETH week is the second-strongest of the streak — a clear contradiction of Lee's earlier comment that purchases would slow as the firm neared its 5% of ETH supply target.
Frequently asked questions
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How much ether did Bitmine buy this week?
Bitmine acquired 76,881 ETH over the past week, worth roughly $136 million at current prices. The purchase brings the firm's total ether holdings to 5.62 million ETH.
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What is Bitmine's preferred stock and when does it trade?
Bitmine issued 9.50% Series A Perpetual Preferred Stock, raising $274 million. The shares begin trading on the NYSE under the ticker BMNP on Tuesday and pay weekly cash dividends.
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How does Bitmine plan to cover the 9.5% preferred dividend?
Chairman Tom Lee said Bitmine's projected annualized Ethereum staking rewards of approximately $219 million provide recurring cash flow to support the dividend payments, reducing the need for further balance-sheet leverage.
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How does this compare to Strategy's preferred equity model?
The structure mirrors Strategy's (MSTR) preferred equity playbook of issuing yield-bearing securities to fund crypto accumulation. The key difference Lee highlights is that ETH staking yield, not capital appreciation, services the dividend.
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How large is Bitmine's total balance sheet now?
Bitmine holds 5.62 million ETH, 204 BTC, $502 million in cash and marketable securities, and minority stakes in Beast Industries and Eightco Holdings. Total crypto, cash and investment holdings are roughly $10.4 billion.
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