Bitmine Immersion Technologies, Inc. (NYSE: BMNR) saw its stock price rise 5.6% on Thursday, closing at $16.52, as investors responded positively to the completion of a preferred share offering and the company's continued aggressive accumulation of Ethereum. The stock traded in a range of $15.36 to $16.56 on volume of approximately 35.8 million shares.
Preferred Stock Offering Details
In a regulatory filing dated June 10, Bitmine announced the sale of 3.5 million shares of its 9.50% Series A Perpetual Preferred Stock in a public offering. The shares were priced at $80 each, generating net proceeds of roughly $273.8 million. The preferred shares rank senior to common stock in terms of dividend payments and liquidation preferences. The company stated that the funds would be used for general corporate purposes, including potential purchases of additional Ethereum and other digital assets, expansion of its MAVAN staking and validator infrastructure, working capital, investments, and possible common stock repurchases.
Ethereum Holdings and Strategy
Bitmine has positioned itself as one of the most aggressive corporate holders of Ethereum on Wall Street. According to its latest holdings update on June 8, the company held a total of $9.6 billion in assets, comprising 5,543,872 ETH valued at $1,630 per token, 204 Bitcoin, $247 million in cash, and stakes in Beast Industries and Eightco Holdings. This Ethereum position represents approximately 4.59% of the total circulating supply of 120.7 million ETH.
Chairman Thomas "Tom" Lee defended the company's buying strategy in the update, stating, "this pullback in ETH prices does not reflect the strengthening of Ethereum fundamentals." Bitmine reported acquiring 126,971 ETH in the prior week and had 4,718,677 ETH staked, with forecasted annualized staking rewards of $270 million based on a 2.99% seven-day yield.
On-chain data from Lookonchain, cited by crypto-market reports on Thursday, indicated that Bitmine purchased an additional 25,000 ETH on June 10, valued at approximately $41 million. This brings the total reported buying over three days to 125,000 ETH, though the company has not formally confirmed these transactions in a disclosure.
Market Context and Price Action
BMNR's price movement continues to closely track Ethereum's performance. Ethereum was last trading at $1,671, up 2.7% on the day. Traders are also monitoring the FTSE Russell index reconstitution schedule, with preliminary list updates due on June 12 and June 18, and the new Russell U.S. indexes set to go live after the market close on June 26. These events could influence institutional flows and further impact BMNR's valuation.
The company's aggressive accumulation strategy has drawn attention from both equity and crypto investors, as Bitmine leverages its capital markets access to build a significant digital asset treasury. With over $9.6 billion in total assets and a growing staking infrastructure, Bitmine is increasingly viewed as a proxy for Ethereum exposure within traditional equity markets.
