BitMine Immersion Technologies has made a significant move by acquiring approximately $41 million in Ethereum (ETH), solidifying its status as the largest corporate holder of the cryptocurrency. As of June 7, the company held 5,543,872 ETH, which is equivalent to about 4.59% of the total Ethereum supply.
ETH is regarded as BitMine's primary reserve asset, and the company has set a goal to increase its holdings to 5% of the total Ethereum supply. In addition to this acquisition, BitMine recently issued 3.5 million perpetual Series A preferred shares, which carry a 9.5% annual dividend, with net proceeds expected to reach approximately $273.8 million.
