The company added nearly 10,000 ETH over the past week, bringing its holdings to 5.79 million Ether, approximately 85% of which is staked through its validation operations.
Bitmine Immersion Technologies said Monday it holds 5.79 million Ether, or about 4.8% of the cryptocurrency’s total supply, after purchasing nearly 10,000 ETH over the past week.
Bitmine revealed that approximately 4.9 million ETH (ETH), or approximately 85% of its holdings, are staked through its validation operations. The company anticipates annualized staking rewards of approximately $299 million once all of its Ether is deployed across its staking infrastructure and partner validators. The company’s crypto holdings, cash, and marketable securities totaled $11.8 billion as of July 26.
The latest purchases come as Ether has outperformed Bitcoin (BTC) over the past week. ETH has gained around 2.4% over the past seven days while Bitcoin has fallen around 0.7%, according to CoinGecko. data. In Monday’s announcement, Bitmine President Tom Lee said the rise in the ETH/BTC ratio, which he described as being at a three-month high, signals strengthening momentum in Ether.
Bitcoin and ETH performance over the last seven days. Source: CoinGecko
Bitmine has built the world’s largest Ether corporate treasury, second only to Strategy among public companies in terms of the value of its digital asset holdings. However, Bitmine’s accumulation strategy has recently moved away from that of the strategy, which has suspended Bitcoin purchases in recent weeks.
On Monday, Strategy announced that it had raised $544.5 million through share sales, repurchased $25 million worth of its STRC preferred shares and increased its US dollar reserve to $3.75 billion, while maintaining holdings of 843,775 BTC.
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