BitMine Immersion Technologies has continued accumulating Ethereum, purchasing 76,881 ETH last week for roughly $136 million. The move follows a $274 million preferred stock sale and brings the firm's total Ether holdings to 5.62 million.
BitMine Immersion Technologies, chaired by Tom Lee, acquired 76,881 Ether over the past week. The purchase lifted its treasury to 5.62 million ETH, valued at more than $10 billion.
The company raised $274 million through a 9.5 percent Series A Perpetual Preferred Stock offering. These shares are set to begin trading on the New York Stock Exchange under the ticker BMNP on Tuesday and will pay weekly cash dividends.
Lee stated that the firm's projected annualized staking rewards of approximately $219 million provide recurring cash flow to support the preferred dividends. BitMine also holds 204 Bitcoin and $502 million in cash and marketable securities, for total holdings of $10.4 billion.
