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Publicly traded Ethereum treasury firm BitMine Immersion Technologies reached 4.7% of the circulating supply, adding another $92 million in ETH to its balance sheet last week
The firm bolstered its balance sheet with 52,203 ETH and now maintains 5,672,956 ETH valued around $10 billion and 205 Bitcoin worth around $13.3 million. “The best years for crypto remain ahead, in our view,” said Chairman Tom Lee in a statement. “Tokenization and the rapid progress in AI are expected to drive exponential demand growth for blockchain and decentralized crypto,” he added. (Disclaimer: Lee is an investor in Dastan, Decrypt’s parent company). Its latest acquisition coincided with the start of trading for the firm’s dividend-paying preferred equity offering—BMNP, which began trading on the New York Stock Exchange last week. After opening at $85 per share, BMNP is recently changing hands at $88.34, up around 1.7% in early trading on Monday.
BitMine priced and completed the offering earlier this month, ultimately raising around $274 million in proceeds to help acquire more Ethereum and build out its staking infrastructure. Staking involves the pledging of assets to a blockchain network—in this case, Ethereum—in order to help validate transactions and secure the network. In exchange, users who stake their ETH receive newly minted ETH as rewards, ranging between 1.7% and 3.2% APY.