Bitmine adds another $136 million of ether after raising $274 million in preferred stock sale
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- Bitmine acquired 76,881 ETH last week worth ~$136M, bringing its treasury to 5.62M ETH — still smaller than its prior week's 126,971 ETH haul, its largest weekly purchase of 2026.
- Bitmine closed a $274M preferred equity offering paying a 9.5% annualized dividend; the Series A Perpetual Preferred Stock begins trading on the NYSE under ticker BMNP on Tuesday with weekly cash dividends.
- Tom Lee said Bitmine's projected ~$219M in annualized Ethereum staking rewards provides recurring cash flow to support the preferred dividend payments, framing it as a healthier funding setup than bitcoin-only peers.
- Bitmine's total holdings stand at 5.62M ETH, 204 BTC, $502M in cash and marketable securities, plus stakes in Beast Industries and Eightco Holdings, totaling $10.4B.
- The financing structure mirrors tools pioneered by bitcoin treasury firm Strategy (MSTR), which has recently faced investor scrutiny over how it will fund its own growing dividend commitments.
Why it matters: Bitmine is importing Strategy's preferred-equity playbook just as that model comes under investor pressure over MSTR's dividend funding — but Lee argues ~$219M in projected annual ETH staking revenue gives Bitmine a structurally healthier cash-flow setup than bitcoin-only treasuries. With $274M freshly raised at a 9.5% yield, the bet is that staking rewards, not ETH price appreciation alone, can carry the dividend.
