BitMine buys $92 million of ETH, lifting holdings to about 4.7% of circulating supply

BitMine Immersion Technologies has added 52,203 ether (ETH) worth roughly $92 million, CoinDesk reported, a week after the company completed its preferred stock financing. Following the purchase, BitMine's total Ethereum position climbed to 5,672,956 ETH, representing about 4.7% of ETH's circulating supply based on the figures cited. The company has said it is targeting ETH holdings equal to 5% of the circulating supply; at the current level, it has reached about 94% of that goal. BitMine also holds 205 bitcoin valued at about $13.3 million. The company put the market value of its ETH holdings at around $10 billion. Earlier this month, BitMine completed a preferred stock offering that raised approximately $274 million. Management said the proceeds are intended to expand its Ethereum treasury and build out staking infrastructure, echoing the playbook used by some bitcoin treasury firms that tap preferred equity to grow balance sheets. BitMine said it has already staked more than 4.7 million ETH through its Made in America Validator Network, or roughly 83% of its total ETH holdings. Once all treasury assets are staked, the company projects annualized revenue of about $268 million. In trading Monday, BMNR shares gained 0.4% to $16.22. ETH rose 1.6% over the past 24 hours to around $1,752. Both remain well below prior highs, with BMNR down nearly 90% from its 52-week high and ETH about 64% below its peak last August. Chairman Tom Lee said the company expects tokenization and advances in AI to drive stronger on-chain demand, a key reason it continues to build its Ethereum treasury.