BitMine Raises $273M Preferred, Controls 4.66% of Ethereum With $10.4B Treasury
BMNR•BitMine disclosed $10.4 billion in crypto assets including 5.62 million ETH, representing 4.66% of Ethereum’s 120.7 million-coin supply after adding 76,881 ETH last week. The firm raised $273 million net from a 3.5 million-share 9.50% Series A Preferred offering and plans to fund further purchases and staking operations.
1. Treasury Holdings
BitMine’s crypto treasury now stands at $10.4 billion, with 5.62 million ETH holdings equating to 4.66% of Ethereum’s 120.7 million-coin supply. The company added 76,881 ETH over the past week, reaching 93% of its target to amass 5% of all ETH.
2. Series A Preferred Offering
The firm closed a public offering of 3.5 million shares of its 9.50% Series A Perpetual Preferred Stock, raising $273 million in net proceeds. These preferred shares will begin trading under the BMNP ticker and are intended to support additional ETH acquisitions and infrastructure expansion.
3. Staking Operations Expansion
BitMine currently stakes 4.72 million ETH, valued at roughly $8.1 billion, through its MAVAN institutional staking platform, generating projected annualized revenues of $226 million. The company plans to extend MAVAN services to external clients, leveraging its large treasury to boost staking volumes.
4. Market Reaction
BMNR shares rose more than 5% intraday following the disclosure, while Ethereum’s price climbed over 10% to a one-week high. Retail sentiment on ETH flipped to bullish, though overall chatter remained subdued despite the rally.
