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Bitmine adds nearly 10,000 ETH as Ether outperforms Bitcoin

Bitmine said about 85% of its 5.79 million ETH holdings are staked, projecting annualized staking rewards of about $299 million once deployed.

Reported · Written up by our desk · Market Structure

Bitmine Immersion Technologies said Monday it bought nearly 10,000 ETH over the past week, bringing its Ether holdings to 5.79 million. The company disclosed that it holds the equivalent of about 4.8% of Ether’s total supply after the latest purchases.

Bitmine added that roughly 4.9 million ETH, or about 85% of its holdings, are staked through its validator operations. It projected annualized staking rewards of about $299 million once all of its Ether is deployed across its staking infrastructure and partner validators.

The company also said its crypto holdings, cash and marketable securities totaled $11.8 billion as of July 26. Cointelegraph reports Ether rose about 2.4% over the prior seven days while Bitcoin fell about 0.7%, citing CoinGecko data.

In the announcement, Bitmine Chairman Tom Lee pointed to a rising ETH/BTC ratio, which he described as at a three month high, as a sign of strengthening momentum for Ether. Cointelegraph also notes Bitmine’s accumulation approach has diverged from Strategy, which paused Bitcoin purchases recently.

Latest closeBitcoin $64,890.97 ▼0.7%|Ethereum $1,943.42 ▼0.5%

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