BitMine expands Ethereum treasury after preferred stock raise

BitMine Immersion Technologies has added to its Ethereum holdings again, continuing a rapid buildout of what is already described as the largest corporate ether treasury. According to reports, the company purchased another large block of ether after completing a preferred stock financing, bringing its total Ethereum stash to more than 5.6 million ETH. At current valuations cited in the reports, that position is worth more than $10 billion.

The latest purchase came shortly after BitMine raised $274 million through a preferred stock sale. CoinDesk reported that the company used proceeds from that financing to acquire another $136 million of ether, while Decrypt put the value of the latest addition at $139 million. The small difference in the two figures appears to reflect reporting and market timing, but both outlets were describing the same fresh accumulation of Ethereum by the company.

The purchase adds another layer to a treasury strategy that has drawn attention for its scale and speed. BitMine, led by Tom Lee, has been positioning itself as a major public-company holder of ether, making repeated additions to its balance sheet rather than treating Ethereum simply as a trading asset or a short-term reserve. The new buying lifts the company’s ETH total to a level that both reports described as surpassing 5.6 million tokens.

The financing behind the latest acquisition is also notable. CoinDesk said BitMine’s preferred stock sale used a funding approach pioneered by Michael Saylor’s bitcoin treasury company, Strategy. That comparison places BitMine within a broader trend in which listed firms raise capital and use the proceeds to accumulate digital assets for their treasuries. In BitMine’s case, the focus is Ethereum rather than bitcoin, but the structure of the financing has clear parallels.

The reports indicate that the preferred shares were set to begin trading after the company completed the sale and used the capital to enlarge its ether position. That sequence suggests BitMine is pairing capital-market activity with continuous asset accumulation, rather than waiting for a single major treasury allocation. For market observers, the move is another sign that public companies are still willing to use equity-linked funding to expand exposure to crypto assets.

BitMine’s latest buying spree comes at a time when corporate treasury strategies in digital assets remain under close watch. The company’s ETH balance, now measured in the millions of tokens and valued above $10 billion in the reports, places it among the most prominent corporate holders in the sector. The scale of the treasury and the use of preferred stock financing underscore how aggressively BitMine has been building its Ethereum position, with Tom Lee’s firm continuing to lean into a strategy that ties a listed company’s capital structure to long-term crypto accumulation.