"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.
Unlike Strategy though, BitMine may fund its dividend payments through its ETH staking income. As it stands, the firm now stakes more than 4.7 million ETH or around 83% of its total holdings via its Made in America Validator Network.
When it completes the staking of its entire treasury, it projects around $268 million in revenue on an annualized basis, according to Lee.
The price of Bitmine stock, which trades as BMNR, is up 0.4% on Monday, recently changing hands at $16.22. Meanwhile, Ethereum jumped 1.6% in the last 24 hours, trading around $1,752.
Both remain significantly off their recent high marks, with BMNR nearly 90% off its 52-week high of $161 and ETH 64% off its August high of $4,946.
