Key facts
- Bitmine Immersion Technologies now holds 5.62 million ETH, valued at approximately $9.66 billion.
- This positions Bitmine as the world's largest corporate ether holder.
- The company raised $274 million in preferred stock to fund its ETH accumulation.
- Over 83% of Bitmine's ETH holdings are currently staked.
- Bitmine also holds 204 bitcoin and other investments.
Bitmine Immersion Technologies has significantly expanded its Ethereum holdings, now possessing 5.62 million ETH tokens valued at approximately $9.66 billion. This substantial accumulation positions the company as the world's largest corporate ether holder. The company recently added 76,881 ETH, worth over $139 million, as it completed a preferred share offering that netted nearly $274 million. Proceeds are designated for acquiring additional ETH, funding infrastructure, or buying back common shares. Chairman Tom Lee stated the offering provides balance sheet diversification, with projected annualized staking rewards of approximately $219 million supporting the preferred share dividends. Bitmine is staking over 4.7 million ETH, anticipating around $269 million in annualized staking revenue if all holdings are staked. Shares in the firm traded higher, coinciding with a nearly 9% surge in ETH price to $1,811. Despite the recent gains, Bitmine's treasury holdings remain down significantly on its ETH purchases, holding unrealized losses of nearly $9 billion. Ether is still more than 63% off its all-time high.