Bitmine, the Ethereum treasury company backed by strategist Tom Lee, has purchased an additional $136 million worth of ether following a $274 million preferred stock offering. The move mirrors the corporate treasury strategy popularized by Michael Saylor's Strategy, which used similar preferred stock instruments to accumulate large bitcoin reserves. By issuing preferred equity rather than common stock or debt, Bitmine raises capital while limiting dilution and interest obligations, then deploys proceeds directly into ETH holdings. The latest purchase adds to Bitmine's growing ether position, reinforcing its identity as a dedicated Ethereum treasury vehicle. The approach signals that Saylor's financing model is migrating beyond bitcoin into altcoin treasuries, with institutional appetite for structured crypto exposure continuing to grow among publicly listed companies.
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