CoinDesk
Bitmine Immersion Technologies (BMNR) acquired 76,881 ETH over the past week — worth roughly $136 million at current prices — lifting its total Ethereum treasury to 5.62 million ETH. The purchase follows the firm's $274 million preferred stock offering, which closed recently and will begin trading on the NYSE under ticker BMNP on Tuesday, paying weekly cash dividends at a 9.5% annualized rate.
Chairman Tom Lee framed the continued buying as a deliberate call against the recent ETH price weakness. "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," Lee said. The latest haul was smaller than the prior week's record 126,971 ETH acquisition but signals the firm is not yet stepping back despite earlier comments about slowing purchases as Bitmine approached its 5%-of-supply target.
Why it matters
Bitmine is explicitly adapting the Michael Saylor / Strategy (MSTR) playbook — using yield-bearing preferred equity to fund crypto accumulation — but with a structural twist: Ethereum staking revenue. The firm's projected annualized staking rewards of approximately $219 million are designed to cover the Series A preferred dividend commitments directly, a setup Lee contrasted favourably with Strategy's model, which has faced investor scrutiny over how its growing dividend load will be serviced.
Market impact
With 5.62 million ETH on its books plus $502 million in cash and marketable securities, Bitmine's total crypto, cash and investment holdings stand at $10.4 billion, making it the largest Ethereum-focused treasury company by a wide margin.
Frequently asked questions
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How does Bitmine's preferred stock model differ from Strategy's approach?
Bitmine backs its 9.5% Series A preferred dividends with approximately $219 million in projected annual Ethereum staking rewards, giving it a recurring cash flow source. Strategy's preferred equity model has faced investor scrutiny because it lacks a comparable native yield stream to service its growing dividend…
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What does Bitmine's 5.62 million ETH holding represent as a share of Ethereum's supply?
Bitmine has stated a goal of owning 5% of Ethereum's total supply. At 5.62 million ETH, the firm is approaching that target, though Chairman Tom Lee indicated last month the pace of purchases would slow as the firm neared it — a signal he has since walked back given the recent ETH price pullback.
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What is BMNP and where does it trade?
BMNP is the NYSE ticker for Bitmine's 9.50% Series A Perpetual Preferred Stock, which begins trading on Tuesday. It pays weekly cash dividends and was issued to raise $274 million used to fund further ETH purchases.
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