BitMine Immersion Technologies, Inc. (NASDAQ:BMNR) shares traded higher on Monday after the company reported another increase in its Ethereum (CRYPTO: ETH) holdings.
BitMine Ethereum Accumulation
BitMine bought 76,881 ETH last week, raising its total holdings to 5.62 million ETH, or about 4.66% of Ethereum’s total supply.
The purchase brings BitMine 93% of the way toward its goal of owning 5% of Ethereum’s 120.7 million supply by 2026.
The company has 4,718,677 ETH staked, with annualized projected staking rewards of $219 million as a cash-flow backstop.
BitMine said its total crypto, cash, marketable securities and other holdings stand at $10.4 billion, including stakes in Beast Industries and Eightco Holdings.
The company also raised $273.8 million net through a Series A preferred stock offering, which carries a 9.5% annual dividend paid weekly.
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