Bitmine Immersion Technologies reported that its Ethereum holdings have reached 5.79 million ETH after acquiring nearly 10,000 Ether within the past week. The company’s latest accumulation brings its share of the total ETH supply to approximately 4.8%, making Bitmine the largest corporate holder of Ether after Strategy.
Major stake in Ethereum
Bitmine disclosed that about 4.9 million ETH, or roughly 85% of its Ether holdings, are currently staked through its validator operations. These staked assets are deployed across Bitmine’s own infrastructure and its partner validators.
The company projects that annualized staking rewards will reach $299 million once all of its Ether is fully deployed to its staking network. As of July 26, Bitmine’s crypto assets, cash, and marketable securities are valued at $11.8 billion.
Chairman Tom Lee indicated that the company’s accumulation strategy aligns with their long-term view of Ethereum’s network value. Lee noted that the ETH/BTC ratio has reached a three-month high, signaling “strengthening momentum for Ether.”
Bitmine Chairman Tom Lee described the rising ETH/BTC ratio as a positive indicator, signaling momentum in Ether’s favor.
Ethereum outpaces Bitcoin
ETH has seen a price increase of approximately 2.4% over the past seven days, while Bitcoin’s price declined roughly 0.7% in the same period, based on CoinGecko figures. This recent performance has brought renewed attention to Bitmine’s Ethereum accumulation strategy.
| Asset | 7-Day Price Change |
|---|---|
| Ethereum (ETH) | +2.4% |
| Bitcoin (BTC) | -0.7% |
Comparison to Strategy
Bitmine’s Ether holdings position the company as the second largest public corporate holder, behind only Strategy. Bitmine’s approach now differs from Strategy’s, as Strategy has recently stopped purchasing Bitcoin.
On Monday, Strategy announced it had raised $544.5 million through stock sales, bought back $25 million of its STRC preferred shares, and increased its US dollar reserves to $3.75 billion. Its Bitcoin holdings remain at 843,775 BTC, underscoring a stable approach to BTC accumulation in contrast to Bitmine’s active ETH strategy.
Strategy operates as a prominent public company known for significant digital asset investments, particularly in Bitcoin, and has established itself as a leading institutional participant in the sector.
Mini dictionary: Validator operations, which are essential for staking in Ethereum 2.0, involve computers or nodes that participate in the network by proposing and verifying new blocks in exchange for rewards. Staking requires holding ETH in a special contract to support network security and consensus.
