Bitmine Closes In on 5% ETH Supply Goal Amid Crypto Spring

Bitmine Immersion (NYSE:BMNR) has been actively buying Ethereum (CRYPTO: ETH), recently purchasing 76,881 coins. This purchase brings their total holdings to 5.62 million ETH, which represents 4.66% of the total Ethereum supply of 120.7 million coins.

According to Chairman Tom Lee, Bitmine is maintaining an elevated buying pace because the current ETH price pullback does not reflect strengthening Ethereum fundamentals. He believes that they are in the early stages of 'crypto spring' and expect to reach their goal of owning 5% of the total Ethereum supply by 2026.

Bitmine's total holdings now stand at $10.4 billion, including a $180 million stake in Beast Industries and an $88 million stake in Eightco Holdings (NASDAQ:ORBS). The company has also closed its Series A Preferred Stock offering, raising $273.8 million net after selling 3.5 million shares at $80 per share.

The preferred stock carries a 9.5% annual dividend paid weekly and begins trading on the NYSE under ticker BMNP on Tuesday. Lee pointed to Bitmine's $219 million in annualized projected staking rewards as the cash flow backing the preferred dividends.