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BitMine raised $274 million through preferred stock pricing.
Coinpaper
4h ago
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BitMine has completed the pricing of its preferred stock financing, with plans to use the funds for Ethereum staking, staking network, and buybacks.
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BitMine Immersion Technologies priced a preferred stock offering on Friday, expecting to raise approximately $273.8 million. Market focus is on the Ethereum treasury company's continued investment in ETH-related ventures.

Use of funds

The funds raised can be used for three purposes: increasing holdings of Ethereum and other digital assets, building staking infrastructure for the newly launched MAVAN validator network, or repurchasing common stock. The company's stated direction remains focused on ETH holdings and on-chain business.

Positions and pressure

BitMine currently holds over $8.6 billion in Ethereum, making it the largest player among ETH treasury companies according to disclosures. Meanwhile, ETH has fallen from its high of nearly $5,000 last August to around $1,591 recently, putting significant pressure on related holdings.

Stock prices weakened in tandem

The article also mentions that BitMine's stock price recently closed at $16, a drop of over 10.5% in a single day, and a cumulative decline of 41% since the beginning of 2026. Strategy, a similar treasury firm, is facing similar pressure, with its Bitcoin holdings and stock price also weakening recently.

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