BitMine Immersion Technologies (BMNR), the largest Ethereum-focused treasury company, continued its buying streak after raising fresh capital through a preferred stock sale. The firm acquired 76,881 ether over the past week, worth roughly $136 million at current prices, lifting its treasury to 5.62 million ETH.

The company also held 204 bitcoin, $502 million in cash and marketable securities, and stakes in Beast Industries and Eightco Holdings, bringing total crypto, cash, and investment holdings to $10.4 billion. The latest purchase was smaller than the prior week’s 126,971 ETH acquisition, its largest weekly haul of 2026, but it suggests the company remains committed to accumulating despite Chairman Tom Lee’s comments last month about slowing purchases as BitMine neared its goal of owning 5% of Ethereum’s supply. “We are maintaining a somewhat elevated pace of buying as we believe this pullback in ETH prices does not reflect the strengthening of Ethereum fundamentals,” Lee said.

This story is an excerpt from the Unchained Daily newsletter.

The purchase came on the heels of raising $274 million by issuing preferred equity that offers a 9.5% annualized dividend. The move resembles the financing model pioneered by bitcoin treasury firm Strategy (MSTR), which has increasingly turned to preferred equity and other yield-bearing securities to fund crypto purchases. BitMine’s 9.5% Series A Perpetual Preferred Stock will begin trading on the New York Stock Exchange under the ticker BMNP on Tuesday and pay weekly cash dividends.

Strategy’s preferred equity model has come under pressure recently as investors questioned how the firm will fund its growing dividend commitments. Lee, on the other hand, noted that BitMine’s revenue stream from Ethereum staking offers a healthier setup, calling the preferred stock a “good balance sheet diversification” tool.

“The company’s current projected annualized staking rewards of approximately $219 million provide recurring cash flow to support the dividends,” he said.

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