Bitmine Buys 76,881 ETH as $274M Preferred Sale Expands Treasury

What to Know

• Bitmine bought 76,881 ETH last week, a purchase valued at roughly $136 million at current prices.
• The company recently completed a $274 million preferred stock offering to fund further expansion.
• Bitmine plans to list the preferred shares on the New York Stock Exchange.
• Chairman Tom Lee said Ethereum staking revenue can help support preferred equity dividend payments.
• The financing approach echoes the treasury playbook popularized by Strategy’s Bitcoin strategy.

Preferred financing powers a larger Ethereum position

Bitmine continued building its Ethereum treasury with a purchase of 76,881 ETH last week, adding to a position that has become a central part of the company’s balance sheet strategy. At current market prices, the acquisition is worth about $136 million.

$274 million raise supports expansion

The latest purchase follows Bitmine’s closure of a $274 million preferred stock offering. The firm has said it intends to list the shares on the New York Stock Exchange, signaling a broader push to attract capital through public markets.

Tom Lee points to staking income

Chairman Tom Lee said Bitmine’s Ethereum staking revenue offers a financial backstop for dividend payments tied to the preferred equity. That framing suggests the company is using ETH not only as a treasury asset, but also as a potential income-generating base to help support its capital structure.

Ethereum treasury strategy gains momentum

Bitmine’s approach reflects a growing trend among crypto-focused companies seeking to use balance-sheet assets as a long-term corporate reserve. By pairing ETH accumulation with preferred equity financing, the company is leaning into a model that combines treasury exposure, yield, and market access.

Frequently Asked Questions (FAQs)

How much Ethereum did Bitmine buy?

Bitmine purchased 76,881 ETH last week, according to the source material.

How was the purchase financed?

The company recently closed a $274 million preferred stock offering, which is being used to support its expansion.

Why is staking revenue important for Bitmine?

Tom Lee said Ethereum staking revenue can help support dividend payments on the preferred equity, adding an income component to the strategy.

Will the preferred shares be listed publicly?

Bitmine plans to list the preferred shares on the New York Stock Exchange.

Photo by Jonathan Borba on Pexels