TL;DR
- BitMine added 76,881 ETH, worth roughly $136 million, lifting its Ethereum treasury to 5.62 million ETH despite earlier signals that buying could slow.
- The company now reports $10.4 billion in crypto, cash, and investment holdings, including 204 BTC, $502 million in cash and securities.
- A $274 million preferred stock sale, 9.50% weekly dividends, and projected $219 million staking rewards anchor the financing strategy as investors assess execution risk this quarter.
BitMine Immersion Technologies has added another 76,881 ETH to its balance sheet, expanding what is already described as the largest Ethereum-focused corporate treasury. The latest purchase was worth roughly $136 million at current prices and lifted the company’s holdings to 5.62 million ETH. The scale is striking because Chairman Tom Lee recently signaled a slower buying pace as BitMine moved closer to its 5% Ethereum supply goal. Instead, BitMine is still buying through the pullback, turning market weakness into another accumulation window for shareholders despite uncertainty around short-term Ether prices and broader digital-asset liquidity conditions.
The company’s broader balance sheet now includes 204 BTC, $502 million in cash and marketable securities, and stakes in Beast Industries and Eightco Holdings. Altogether, crypto, cash, and investment holdings stand at $10.4 billion. Last week’s ETH purchase was smaller than the prior week’s 126,971 ETH acquisition, its largest weekly haul of 2026, but it still reinforces a highly aggressive treasury posture. The key question is whether Ethereum accumulation remains a capital-markets strategy, or whether the pace now depends on investor appetite for new financing tools for the next stage of corporate crypto balance sheets.
Preferred Equity Becomes the Ethereum Treasury Engine
The latest ETH purchase followed a $274 million preferred stock offering that gives BitMine fresh capital while adding a new dividend obligation. Its 9.50% Series A Perpetual Preferred Stock is set to trade on the New York Stock Exchange under the ticker BMNP and pay weekly cash dividends. The structure resembles financing methods used by Strategy in the Bitcoin treasury market, but BitMine is adapting the playbook to Ethereum, where staking yield creates a different cash-flow profile than a non-yielding BTC reserve while attempting to make yield part of the financing architecture from day one.
That distinction now sits at the center of Lee’s argument. He said the preferred stock provides balance-sheet diversification, while projected annualized staking rewards of about $219 million can support dividends tied to the preferred shares. The claim is compelling, but it also raises execution pressure. If ETH prices weaken or staking returns shift, the model will face closer scrutiny. For now, BitMine’s treasury thesis rests on staking-backed financing, pairing aggressive ETH accumulation with a preferred equity structure designed to fund purchases without relying solely on ordinary share issuance rather than a passive asset warehouse alone.
