Bitmine's crypto, cash, securities, and strategic holdings now total $10.4 billion, with the company closing a preferred stock offering.

Tom Lee's Ethereum treasury firm, through the preferred stock sale, is using a financing tool pioneered by Michael Saylor's bitcoin treasury firm Strategy.

Bitmine boosted ETH holdings to 5.62 million tokens, or 4.66% of supply, as Tom Lee cites "early stages of crypto spring."