BitMine Immersion Technologies added 76,881 ETH (worth over $139 million) to its treasury last week, increasing its total holdings to over 5.6 million ETH. The purchase was funded by proceeds from its preferred share offering (BMNP), which raised nearly $274 million. BMNP shares will start trading Tuesday with a 9.5% annual dividend paid weekly. The company plans to use the remaining proceeds for further ETH acquisitions, infrastructure development, or share buybacks. BitMine currently stakes over 4.7 million ETH through its MAVAN validator network, generating projected annual staking rewards of $219 million. CEO Tom Lee stated the offering provides balance sheet diversification. Share prices rose 6.6% on Monday to $17.18, alongside a 9% ETH price surge to $1,811. However, BitMine's treasury still holds unrealized losses of nearly $9 billion, as ETH remains 63% below its all-time high of $4,946.

Key facts

• BitMine added 76,881 ETH ($139M) to its treasury, now holding 5.6M ETH.
• Preferred share offering BMNP raised $274M; shares begin trading Tuesday.
• BitMine stakes 4.7M ETH via MAVAN, generating $219M annual rewards.
• Stock up 6.6% and ETH up 9% in 24 hours amid broader market rally.
• Unrealized losses on ETH holdings total nearly $9 billion.