BitMine Plans Preferred Share Raise of Up to $300M to Keep Buying Ethereum

BitMine, the Tom Lee-backed firm, is deepening its bet on Ethereum. CoinDesk reported that the company has filed a new preferred stock financing plan aimed at raising up to $300 million, with proceeds expected to be used mainly to continue buying ETH and to expand its existing staking operations. The filing follows a string of ETH purchases. BitMine's latest transaction added 26,497 ETH, worth about $52 million based on cited figures. After the purchase, the company's Ethereum holdings rose to roughly 5.42 million ETH, equal to about 4.5% of Ethereum's circulating supply. BitMine says staking has become its core revenue engine. Rather than holding crypto purely as a treasury asset, the firm's current model centers on generating yield through Ethereum staking. It reports that around 4.7 million ETH are staked through its MAVAN validator network, with staking now its primary source of income. At current yields, that staked portfolio is estimated to produce nearly $276 million in annual staking rewards. The company has been building its ETH position quickly in recent months and is moving toward a disclosed objective of controlling 5% of Ethereum's total supply. Earlier this year, it completed additional Ethereum acquisitions of about $151 million and $237 million. If the preferred stock offering is completed, BitMine would have added capital to further expand holdings and strengthen its standing among enterprise-level Ethereum holders. The report noted ETH was trading around $1,745, down about 16% for the month. BitMine's continued fundraising and accumulation during the pullback signals an ongoing view of Ethereum as a long-term strategic asset, with staking rewards positioned as a key business focus.