Bitmine Immersion Technologies has added 76,881 ETH to its treasury in a purchase valued at roughly $135 million, pushing the company's total Ethereum holdings past 5.6 million tokens and reinforcing its position as one of the largest corporate holders of the asset.
The company disclosed the acquisition in a June 14 treasury update, stating that it purchased the 76,881 ETH over the past week. As of 6:00 p.m. ET on June 14, 2026, Bitmine reported holding 5,620,754 ETH at a reference price of $1,718 per token.
The company said those holdings now represent 4.66% of the 120.7 million ETH in total supply. Bitmine did not disclose the exact dollar cost paid for the latest tranche, though CoinDesk reported the newly added coins were worth roughly $136 million at current prices.
Preferred-Stock Sale Funded the Expansion
The ETH purchase followed a capital raise completed days earlier. Bitmine said its June 10 sale of 3,500,000 shares of 9.50% Series A Perpetual Preferred Stock generated approximately $273.8 million in net proceeds.
The preferred stock was registered under the Securities Act of 1933. Bitmine said the new shares, trading under the symbol BMNP, are expected to begin listing on the NYSE on June 16, 2026. The 9.50% annual dividend rate gives holders a fixed income stream backed, in part, by the company's crypto treasury operations.
The approach mirrors Strategy's ongoing Bitcoin accumulation model, where a public company uses equity and debt instruments to fund large-scale cryptocurrency purchases. Bitmine's twist is the use of perpetual preferred stock rather than convertible notes, offering investors a yield instrument tied to an Ethereum-heavy balance sheet.
Most of Bitmine's ETH Is Already Staked
Bitmine reported that 4,718,677 ETH was staked as of June 14, 2026. That means roughly 84% of its total holdings are generating staking rewards, and the company projected annualized staking revenues of $226 million from those deposits.
The staking revenue creates a structural income layer that could help cover the 9.50% preferred dividend. If annualized staking proceeds reach the projected figure, they would exceed the roughly $26 million in annual preferred dividends implied by the $273.8 million raise, leaving a significant margin.
This staking-as-yield approach distinguishes Bitmine from corporate Bitcoin holders, who rely entirely on price appreciation. Ethereum's proof-of-stake mechanism allows Bitmine to treat its treasury as a productive asset rather than a passive one, a distinction that may become more relevant as institutional crypto products like BlackRock's recently approved Bitcoin Income ETF push traditional finance closer to on-chain yield strategies.
What the Purchase Signals for Ethereum and Corporate Crypto
The acquisition comes during a period of broad market anxiety. The crypto Fear and Greed Index sat at 20, in "Extreme Fear" territory, at the time of the announcement. ETH itself traded near $1,827, up roughly 10% over the prior 24 hours but still well below recent highs.
Bitmine's decision to deploy capital into Ethereum during a fearful market echoes the contrarian accumulation patterns seen across crypto-native treasuries. The company's total crypto and cash holdings stood at $10.4 billion as of the June 14 update, a scale that places it among the most concentrated corporate Ethereum bets in public markets.
With BMNR shares trading on the NYSE and the new BMNP preferred stock set to debut, Bitmine is building a dual-equity structure that gives different investor profiles exposure to Ethereum through distinct risk and return profiles. Whether the staking yield can sustainably support both common and preferred shareholders will depend on ETH price stability and network reward rates.
The growing overlap between crypto assets and traditional financial structures continues to accelerate, and Bitmine's preferred-stock-funded ETH accumulation represents one of the more aggressive examples of that convergence to date.
Disclaimer: This article is for informational purposes only and does not constitute financial or investment advice. Cryptocurrency and digital asset markets carry significant risk. Always do your own research before making decisions.