On June 10, BitMine Immersion Technologies purchased approximately $41 million worth of ETH, further expanding its position as the largest corporate holder of Ethereum. As of June 7, its holdings were valued at 5,543,872 ETH, representing 4.59% of the total supply of the second-largest cryptocurrency.
The company considers ETH its primary reserve asset and aims to increase its share to 5% of Ethereum's total supply. Earlier in June, it also issued 3.5 million perpetual Series A preferred shares with a 9.5% annual dividend; net proceeds are estimated at around $273.8 million.