BitMine Immersion Technologies has significantly deepened its Ethereum treasury position, acquiring $139 million in ETH to bring its total holdings above 5.6 million Ethereum, now valued at over $10 billion. The purchase, backed by firm co-founder Tom Lee, comes ahead of the company's preferred share trading launch, signaling confidence in Ethereum as a long-term reserve asset. BitMine has emerged as one of the largest corporate holders of Ethereum, mirroring the Bitcoin treasury strategy popularized by MicroStrategy. The timing of the acquisition ahead of a new equity instrument suggests the company is positioning its ETH holdings as a core value driver for incoming preferred shareholders, potentially attracting yield-seeking institutional investors looking for crypto-backed exposure.
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