Bitmine Immersion Technologies has completed a $273.8M preferred equity raise and immediately put $136M of it to work buying Ethereum — the second time the firm has executed the Strategy playbook for a digital asset treasury in as many months.

The raise, structured as a 3.5 million share Series A perpetual preferred stock offering at $80 per share paying a 9.5% annualized dividend, drew demand across the crypto-investor and structured-products community, Bitmine said in a press release.

Within days, the firm had purchased 76,881 ETH, bringing its total holdings to 5.62 million ETH — roughly 93% of the5% of Ethereum’s total supply that founder Thomas Lee has targeted as a long-term accumulation goal.

The company’s total crypto-plus-cash balance sheet now stands at $10.4 billion, according to disclosures filed alongside the raise. At current ETH prices, the holdings represent a leveraged exposure to Ethereum — a structure that amplifies returns (and losses) in both directions as the token price moves.

The comparison to Strategy — which has spent years accumulating Bitcoin via convertible debt and preferred equity instruments — is not incidental. Bitmine has been explicit about replicating the model for Ethereum, and Monday’s purchase marks the most direct parallel yet: a capital raise, a near-immediate deployment into the target asset, and a stated intention to keep accumulating.

Strategy adds 1,587 BTC on same day

The Bitcoin analog played out simultaneously. Strategy announced June 15 that it had acquired 1,587 BTC for $100 million, bringing its total Bitcoin reserve to 846,842 tokens.

The purchase was funded through its USD Reserve, the firm’s currency war chest for opportunistic acquisitions. Strategy also increased its USD Reserve balance to $1.1 billion — effectively war-gaming its next move while maintaining dry powder.

The two transactions bookend a broader dynamic: the corporate treasury model that Michael Saylor pioneered for Bitcoin is now being adapted for Ethereum by Bitmine, and extended further by Strategy itself in its own ongoing accumulation cadence.

What the model is — and what it isn’t

The structure works like this: issue preferred equity (or convertible debt) to investors seeking yield, use the proceeds to buy the underlying digital asset, stake or hold the asset on the balance sheet. The preferred shareholders get a dividend. The company gets an appreciating crypto reserve. The stock, in theory, trades at a premium to the underlying holdings.

It is not without risk. ETH’s price volatility means Bitmine’s balance sheet moves aggressively in both directions. The 9.5% dividend on the preferred is a fixed obligation — if ETH drops far enough, the company could face pressure on both the asset side and the equity stack. Strategy has navigated this for years; Bitmine is earlier in that cycle.

For institutional watchers, the more interesting question is whether the model scales beyond BTC and ETH. Bitmine’s explicit targeting of 5% of Ethereum’s supply suggests a long-duration, supply-side thesis — not a short-term trade. If it holds, the structural demand from a single firm could be meaningful relative to daily ETH trading volume.

The next capital move for Bitmine is already in view: the firm has said it is expanding its staking operations alongside the accumulation, which would generate yield on the ETH holdings — potentially helping to offset the cost of the preferred dividend.

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