One Ethereum treasury firm just added another $92 million to its war chest, pushing its holdings to over 4.7% of the entire circulating supply.

BitMine Immersion Technologies now commands 5.67 million ETH worth approximately $10 billion, plus 205 Bitcoin. The firm raised $274 million through a preferred equity offering on the NYSE to fuel further accumulation.

What sets this apart from the Bitcoin treasury playbook? BitMine stakes 83% of its holdings through its validator network, projecting $268 million in annualized staking revenue. That income could fund dividend payments without selling ETH — a notable contrast to Strategy's STRC which has fallen 10% from par value.

Tom Lee, BitMine's Chairman, says tokenization and AI progress will drive "exponential demand growth for blockchain and decentralized crypto." The firm is now 94% of the way to its ambitious 5% circulating supply target — a milestone that could arrive within weeks at this pace.

The growing competition between BTC and ETH treasury strategies is reshaping how institutions think about digital asset allocation. $ETH $BTC

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