BitMine Plans $300 Million Preferred Stock Offering to Expand Ether Reserves With Saylor-Style Strategy

BitMine Immersion Technologies, chaired by Fundstrat co-founder Tom Lee, launched its Ethereum treasury strategy on June 30, 2025, aiming to own 5% of ether’s supply. The company has since become the world’s largest corporate ETH holder and the second-largest corporate digital-asset treasury after Strategy. Its latest allocation shift underscores the trade-off between expanding cryptocurrency reserves and returning capital to shareholders as BitMine approaches its supply target.

BitMine said on July 20 that it bought 7,430 ETH in the week ended July 19, lifting holdings to 5,777,468 tokens, or 4.8% of Ethereum’s 120.7 million supply. It also repurchased about 5.5 million common shares at an average $15.6156 each, spending roughly $86 million under a $4 billion authorization. Total crypto, cash, securities and other investments stood at $11.5 billion. The company had staked 4,917,189 ETH, about 85% of its holdings.

BitMine is the world’s largest corporate Ethereum treasury holder and has made accumulating and staking ETH central to its asset strategy. The company aims to hold 5% of Ethereum’s total supply and is now closing in on that threshold, making its moves consequential for market liquidity, corporate crypto allocations and the Ethereum staking ecosystem.

In the latest week, BitMine bought another 76,000 ETH, lifting its holdings to 5.62 million ETH, or about 4.66% of total supply. Its treasury value at one point approached or exceeded $10 billion. The company also raised $270 million through a preferred-stock offering during the same period and staked more than 83% of its holdings. Subsequent reports showed its position had risen further to about 5.7 million ETH, worth approximately $8.9 billion.

BitMine Immersion Technologies has amassed Ether on its corporate balance sheet, aiming to control 5% of the global circulating supply while generating yield through staking. The strategy has made it the world’s largest corporate holder of ETH, while closely tying its valuation to the token’s price, regulatory developments and the risks of concentrated ownership.

BitMine said on March 23, 2026, that its total assets had reached $11 billion and that it held 4,660,903 ETH, equal to 3.86% of supply. It added 65,341 tokens worth about $138 million in one week. Holdings had exceeded 5.18 million tokens by May 7. Chairman Tom Lee said the company would slow its purchases as it approached the 5% target and viewed the CLARITY Act as a positive catalyst.

Bitmine Immersion Technologies is pursuing an “Ethereum MicroStrategy” treasury strategy, using corporate assets to acquire Ether as it seeks to raise its holdings to 5% of total supply. The scale of the position tightly links the company's share price and financing capacity to Ether's supply and demand, drawing attention to its move to the New York Stock Exchange's main market.

Bitmine most recently reported holdings of 4.8 million ETH, equivalent to about 3.98% of total supply, and approximately $11.8 billion in crypto assets. It bought another 71,000 ETH in one week, its largest increase since December 2025. The company also uplisted to the NYSE, increased its share-repurchase authorization to $4 billion and staked more than 3.33 million ETH through the Mavan network, with estimated annualized returns of $196 million.