Bitmine Expands Ethereum Holdings With $135M ETH Purchase Ahead of NYSE Listing

Bitmine Immersion Technologies has significantly increased its Ethereum holdings with a new $135.6 million ETH purchase, reinforcing its position as one of the largest corporate holders of the cryptocurrency. The acquisition comes just before the company’s Series A preferred stock begins trading on the New York Stock Exchange under the ticker symbol BMNP.

According to a recent company announcement, Bitmine acquired 76,881 ETH during the past week. Following the transaction, the firm’s total Ethereum treasury has reached approximately 5.62 million ETH, accumulated at an average purchase price of $1,718 per coin. The company now controls nearly 4.66% of Ethereum’s circulating supply, bringing it closer to its long-term objective of owning 5% of all ETH in circulation.

Bitmine Chairman Tom Lee highlighted the company’s confidence in Ethereum despite recent market weakness. He stated that the current decline in ETH prices does not accurately reflect the network’s improving fundamentals. Lee added that the company continues to buy aggressively because it views the present market environment as an early phase of a broader crypto market recovery.

Beyond accumulating Ethereum, Bitmine is expanding its staking operations to generate recurring revenue. The company revealed that around 4.72 million ETH, valued at approximately $8.1 billion, is currently deployed across its validator infrastructure. These staking activities are producing more than $200 million in annualized rewards, providing an additional source of income while strengthening the company’s balance sheet.

The latest Ethereum purchase coincides with the completion of Bitmine’s $300 million Series A perpetual preferred stock offering. The BMNP shares, scheduled to begin trading on the NYSE, offer a 9.50% dividend yield. The company indicated that proceeds from the offering may support further Ethereum acquisitions and staking initiatives.

In addition to its substantial Ethereum treasury, Bitmine reported holding approximately $10.4 billion in total crypto assets, cash, and strategic investments. The company also maintains a smaller Bitcoin position valued at roughly $13.5 million, underscoring its primary focus on Ethereum as a long-term growth strategy.