Bitmine raises $274M, buys $136M more ether

Bitmine, an Ethereum treasury firm, has successfully raised $274 million through a preferred stock sale, employing a financing strategy similar to that pioneered by Michael Saylor's Bitcoin treasury firm, Strategy. Following this significant capital infusion, Bitmine has further bolstered its holdings by acquiring an additional $136 million worth of Ether. This move underscores a growing trend among institutional players to leverage innovative financial instruments for accumulating digital assets, signaling increased confidence in the long-term value proposition of major cryptocurrencies like Ether.