Bitmine adds 76,881 ETH after $274M raise

• Bitmine Immersion Technologies (NYSE:BMNR) purchased 76,881 Ethereum after completing a US$274 million preferred stock offering.
• The purchase increased the company's Ethereum treasury to 5.62 million ETH and lifted total crypto, cash and investment holdings to US$10.4 billion.
• The company said the capital raise and new preferred stock will support its ongoing digital asset accumulation strategy.

Bitmine Immersion Technologies (NYSE:BMNR) purchased 76,881 Ethereum (CRYPTO:ETH) worth about US$136 million after raising US$274 million through a preferred stock offering, increasing its ETH holdings to 5.62 million coins.

The latest purchase followed a larger acquisition of 126,971 ETH the previous week, although the company continued adding to its treasury despite previously indicating purchases could slow as it approached ownership of 5% of Ethereum's supply.

“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,” said Bitmine Chairman Thomas Lee.

Bitmine also reported holdings of 204 Bitcoin (CRYPTO:BTC), US$502 million in cash and marketable securities, and investments in Beast Industries and Eightco Holdings, bringing total crypto, cash and investment assets to US$10.4 billion.

The company also launched its 9.50% Series A Perpetual Preferred Stock under the ticker BMNP and stated that projected annualised staking rewards of about US$219 million are expected to support dividend payments on the security; following the announcement the Bitmine share price was unchanged at US$44.82.

The preferred stock offering raised fresh capital for treasury expansion and carries a 9.5% annualised dividend with weekly cash payments to shareholders.

Lee said the preferred shares are intended to diversify the company's balance sheet, while the financing structure mirrors approaches used by several digital asset treasury companies that raise capital to acquire additional cryptocurrency holdings.

At the time of reporting, Ethereum price was $1,815.96.