Bitmine Immersion Technologies added to its Ether treasury again last week while projecting hundreds of millions of dollars in annual staking revenue, underscoring how a massive ETH stockpile can keep generating income even when market conditions turn volatile.

ETH holdings cross $15 billion

In a Monday announcement, Bitmine said it purchased 27,180 ETH over the week, lifting its holdings to more than 5.95 million ETH. That position is worth roughly $15.4 billion and represents about 4.9% of Ether's circulating supply. Including cash and other crypto assets, the company reported total holdings of approximately $15.8 billion.

More than 5.06 million of those tokens are now staked, generating an estimated $334 million in annualized staking revenue at current rates — a figure that shifts with network conditions and the total amount of ETH staked across the chain. With roughly 85% of its ETH deployed, Bitmine is converting its treasury into a potentially significant source of recurring income.

That deployment rate puts Bitmine slightly ahead of the Grayscale Ethereum Staking ETF (ETHE), the first spot Ether exchange-traded product in the United States, which has staked 84.6% of its Ether holdings, according to the fund's webpage.

The strategy also carries a structural advantage over Bitcoin treasury companies, whose core BTC holdings generate no native staking yield. Ether's proof-of-stake design, by contrast, allows large holders to earn native rewards for helping secure the network — a mechanism Ethereum has had since its 2022 move away from proof-of-work mining and one that Bitcoin does not offer.

Bitmine shares were little changed on Monday, trading just below $25 in morning trading. The stock has gained nearly 38% over the past month but remains down year to date, according to Yahoo Finance data.

Strategy skips Bitcoin for a second week

While Bitmine kept accumulating Ether, Michael Saylor's Strategy — the former MicroStrategy, which pioneered the corporate Bitcoin treasury model with its first BTC purchase in 2020 — went a second consecutive week without buying Bitcoin (BTC), steering capital toward its preferred stock instead.

According to a Monday filing, Strategy repurchased about 1.42 million shares of its STRC preferred stock for $139.3 million between Sept. 8 and Sept. 13, after buying back $176.3 million worth of STRC the previous week.

The company's Bitcoin holdings were unchanged at 845,050 BTC as of Sept. 13. Its most recent purchase came in the final week of August, when Strategy acquired 4,603 BTC for $369.7 million — roughly $370 million — marking its first Bitcoin purchase since June.

The pause, alongside the sizable STRC buybacks of recent weeks, illustrates how Strategy is balancing continued Bitcoin accumulation with support for its preferred shares. Both companies report on a weekly rhythm — Bitmine with treasury updates, Strategy through its filings — so next round of Monday disclosures will show whether the buying pause stretches to a third week and whether Bitmine continues lifting its staked share of holdings.