Ethereum News: Bitmine Buys 76,881 ETH as BMNP Preferred Stock Heads to NYSE

Key Insights:

• Ethereum News: Bitmine bought 76,881 ETH for $135.6M, lifting its holdings to 5.62M ETH.
• The firm now holds about 4.66% of ETH supply, near its 5% Ether target.
• BMNP preferred stock starts NYSE trading on June 16 with a 9.50% dividend.

Bitmine Immersion Technologies expanded its Ethereum treasury ahead of the NYSE debut of its BMNP preferred stock. The company acquired 76,881 ETH for approximately $135.6 million, lifting total holdings to 5,620,754 ETH.

The latest purchase places Bitmine among the largest known corporate Ethereum holders. The company now controls approximately 4.66% of Ethereum’s circulating supply while continuing its strategy of combining treasury accumulation with staking income.

Ethereum News: Bitmine Accelerates Ethereum Accumulation

Bitmine has continued its Ethereum buying strategy during a period of price weakness. The company said it acquired 76,881 ETH last week, raising its Ethereum treasury to more than 5.6 million ETH. The purchase came before the launch of its Series A preferred stock on the New York Stock Exchange.

The latest Ethereum news places Bitmine among the largest corporate holders of ETH. The company’s position now represents about 4.66% of the total circulating supply. Bitmine has set a target of holding 5% of all ETH, and the latest purchase moved it closer to that level.

Chairman Tom Lee said Bitmine bought 76,881 ETH over the past week. He also said the company has kept a faster buying pace because it views the recent pullback in ETH prices as separate from Ethereum’s stronger fundamentals. His comments showed that Bitmine still sees room to expand its balance sheet through Ethereum exposure.

Lee also described the current market as the early stage of a new crypto cycle. The statement followed earlier signals that Bitmine could slow its Ethereum buying. However, the latest purchase shows that the company has continued to add ETH while prices remain below recent highs.

Staking Strategy Supports Bitmine’s Treasury Growth

Bitmine has also moved a large share of its Ethereum into staking. The company said it has staked 4,718,677 ETH on its validator infrastructure. That staked position carried a value of about $8.1 billion based on an ETH price of $1,718.

This Ethereum news also focuses on the company’s staking income. Bitmine said its validator operations now generate more than $200 million in annualized rewards. The firm plans to use those rewards to support balance sheet growth and dividend payments tied to its preferred stock.

BMNP Preferred Stock Heads to the NYSE

Bitmine has closed a $300 million initial offering of its Series A perpetual preferred stock. The shares will trade on the NYSE under the ticker BMNP from June 16. The preferred stock carries a 9.50% dividend, according to the Ethereum news.

The company may use proceeds from the offering to support further Ethereum purchases and staking activity. Bitmine also reported total crypto assets, cash, and strategic investments of about $10.4 billion. Its portfolio includes a smaller Bitcoin position worth about $13.5 million at current prices.

Bitmine Nears 5% Ethereum Supply Target

Bitmine’s latest purchase keeps the company close to its stated goal of holding 5% of Ethereum supply. The firm now needs a smaller amount of ETH to reach that target after last week’s acquisition. Its strategy combines direct ETH holdings, staking rewards, and capital raised through preferred stock.

The latest Ethereum news also shows how public companies continue to build crypto treasury models beyond Bitcoin. Bitmine has focused its strategy around Ethereum, staking income, and preferred share financing.

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