BitMine Immersion Technologies (BMNR), the largest Ethereum-focused treasury company, purchased 76,881 Ethereum (ETH) over the past week. Based on current prices, the latest acquisition is worth around 136 million dollars and lifts the company’s total ETH holdings to 5.62 million.
The company also holds 204 Bitcoin (BTC), 502 million dollars in cash and marketable securities, along with stakes in Beast Industries and Eightco Holdings. In total, BitMine’s crypto, cash and investment holdings have reached 10.4 billion dollars.
The purchase followed BitMine’s 274 million dollar preferred stock sale, which offers a 9.5% annualized dividend. Chairman Thomas Lee said the company is keeping its buying pace elevated because the recent pullback in ETH prices does not reflect strengthening Ethereum fundamentals. Lee also noted that projected annualized staking rewards of around 219 million dollars could provide recurring cash flow to support dividends on the preferred shares.
