Bitmine Adds $136M in Ether After Raising $274M in Preferred Stock Sale
Bitmine Immersion Technologies (BMNR), the largest Ethereum-focused treasury company, purchased 76,881 ETH (worth ~$136 million) last week, bringing its total ETH holdings to 5.62 million. This follows a $274 million preferred stock offering with a 9.5% annualized dividend, set to trade on NYSE as BMNP. Chairman Tom Lee stated that the company's ~$219 million annual staking rewards provide cash flow to support dividend payments. The firm holds $10.4 billion in total assets, including 204 BTC and $502 million in cash. Despite previous hints at slowing purchases, Lee noted the pullback in ETH prices does not reflect strengthening fundamentals, justifying continued accumulation. The financing model mirrors Strategy's (MSTR) approach, but Lee emphasized that staking revenue offers a healthier foundation for dividends.
Key facts
- Bitmine purchased 76,881 ETH (~$136M) last week, total ETH now 5.62 million.
- Raised $274M via preferred stock (9.5% dividend), listed as BMNP on NYSE.
- Annual staking rewards of ~$219M support preferred dividend payments.
- Total assets reach $10.4B including 204 BTC and $502M cash.
- Chairman Lee cites strong fundamentals despite ETH price pullback.