Bitmine Immersion Technologies announced Monday that it acquired nearly 10,000 Ether last week, bringing its total Ether holdings to 5.79 million. This figure represents approximately 4.8% of the entire Ether supply.
Staking dominance and yields
Of its Ether reserves, Bitmine stated that 4.9 million ETH—around 85% of its portfolio—are staked through its internal validator operations. The company projected that fully deploying its Ether across validator infrastructure and partner nodes could yield annual staking rewards estimated at $299 million.
As of July 26, Bitmine reported a combined balance of cryptocurrencies, cash, and marketable securities totaling $11.8 billion.
Bitmine Chairman Tom Lee pointed to Ether’s sustained outperformance, with the ETH/BTC ratio climbing to a three-month high and indicating what he described as “strengthening momentum for Ether in the current market cycle.”
Market comparison: ETH and BTC performance
Over the past seven days, Ether rose 2.4%, while Bitcoin saw a decline of around 0.7%, according to CoinGecko data.
| Asset | 7-Day Change |
|---|---|
| Ether (ETH) | +2.4% |
| Bitcoin (BTC) | -0.7% |
Bitmine’s latest purchases and its focus on validator operations have positioned it as the company with the world’s largest Ether treasury among public firms, second only to Strategy by overall digital asset value.
Mini dictionary: Validator operations, also known as staking services, involve organizations or individuals running nodes that participate in a blockchain network’s proof-of-stake consensus. Validators help secure the network and receive rewards for contributing processing power and verifying transactions.
Corporate strategies: Bitmine and Strategy
Bitmine’s approach contrasts with Strategy, a leading corporate digital asset holder, which has shifted its accumulation strategy. Strategy has paused recent Bitcoin acquisitions, choosing instead to bolster liquidity and return capital to shareholders.
On Monday, Strategy disclosed it raised $544.5 million from stock sales, repurchased $25 million worth of STRC preferred shares, and expanded its US dollar reserve to $3.75 billion. The company continues to hold 843,775 Bitcoin, maintaining its status as one of the largest corporate Bitcoin holders globally.
The divergence between Bitmine’s aggressive Ether purchases and Strategy’s current emphasis on liquidity underscores differing outlooks on crypto asset management among major public companies.
