Bitmine buys $136M more ETH, totals 5.62M; $274M 9.5% preferred to fund staking dividends
Bitmine (BMNR) increased its Ethereum treasury again, buying 76,881 ETH (about $136M) over the past week. Total ETH holdings now stand at 5.62M ETH, supporting the company’s aim of building toward 5% of Ethereum supply. The latest move also comes after Bitmine raised about $274M through a 9.5% annualized Series A Perpetual Preferred Stock offering.
Bitmine plans to list the preferred shares on the NYSE under ticker BMNP and pay weekly cash dividends. Chairman Tom Lee said the firm is maintaining an elevated ETH buying pace because the recent ETH pullback does not, in his view, reflect weakening fundamentals. He also argued that projected staking rewards of roughly $219M annually can help provide recurring cash flow to support dividend capacity.
Beyond ETH, Bitmine holds 204 BTC and includes additional cash/marketable securities and equity stakes. For traders, the key watch is whether Bitmine can keep accumulating ETH while translating staking revenue into stable, dividend-like returns—an angle that may influence sentiment around ETH treasury strategies, even though the stock reaction in the update was described as muted.
Neutral
The news is broadly supportive for ETH-related sentiment because Bitmine is actively increasing its ETH treasury and explicitly links staking rewards to recurring dividend capacity. That can reinforce the narrative that large public balance sheets are willing to accumulate ETH during pullbacks.
However, the direct impact on ETH price is likely limited. The report also notes that BMNR’s stock reaction was muted, suggesting the market didn’t price in a major immediate catalyst for ETH itself. In the short term, the ETH buy-side flow is positive, but it is not large enough in isolation to decisively move market-wide liquidity. Over the long term, the sustainability question is really about whether projected staking yield remains stable enough to fund shareholder payouts; if it does, the strategy could support steady demand and reduce sell pressure from treasury operators.
Net: supportive narrative and incremental spot-like demand for ETH, but insufficient evidence here to expect a strong, direct directional move solely from this event.