Bitmine Immersion Technologies has expanded its Ethereum holdings by acquiring 76,881 ETH valued at approximately $136 million, following a recent $274 million preferred stock offering. This move reflects the company’s ongoing commitment to building its Ethereum treasury, which now totals 5.62 million ETH.
The company’s recent purchase is a continuation of its acquisition strategy, even as it approaches its goal of owning 5% of Ethereum's total supply. Chairman Tom Lee noted that despite previous comments about slowing down purchases, the firm believes the current ETH price does not reflect its underlying strength. “We are sustaining a relatively high buying pace because we believe the recent pullback in ETH prices does not accurately reflect the strengthening fundamentals of Ethereum,” he stated.
In addition to its Ethereum assets, Bitmine holds 204 bitcoins and $502 million in cash and marketable securities, bringing its total assets to $10.4 billion. The recent preferred stock offering, which features a 9.5% annualized dividend, is set to begin trading on the New York Stock Exchange under the ticker BMNP.
