Bitmine Immersion Technologies said it increased its Ether holdings by nearly 10,000 ETH over the past week, bringing its total treasury to 5.79 million Ether. In a new disclosure, the company said most of those holdings are deployed to generate staking yield through its validator operations.

According to Bitmine’s filings, the latest purchases raised the company’s Ether exposure to about 4.8% of the cryptocurrency’s total supply. Bitmine also said its total balance sheet, including crypto holdings, cash, and marketable securities, stood at $11.8 billion as of July 26.

Bitmine expands its Ether treasury

Bitmine Immersion Technologies said Monday that it currently holds 5.79 million Ether after buying nearly 10,000 ETH during the previous week. The company described the accumulation as part of its strategy to build a major corporate Ether treasury, placing it among the largest public holders in the sector.

The company quantified the size of its position in the disclosure, saying 5.79 million ETH represents roughly 4.8% of Ether’s total supply. Bitmine also emphasized that a large portion of its Ether is already deployed to produce staking rewards, rather than remaining idle on its balance sheet. The size of the position makes the company’s disclosures relevant beyond a single balance sheet, because large public holders can offer a clearer view into how corporate treasuries are approaching Ether as both a reserve asset and a productive network asset.

Staking deployment and projected rewards

Bitmine said approximately 4.9 million ETH, or about 85% of its Ether holdings, are staked through its validator operations. The company added that it expects annualized staking rewards of around $299 million once all of its Ether is deployed across its staking infrastructure and partner validators.

The projection links Bitmine’s treasury strategy to recurring staking rewards in addition to its exposure to Ether’s spot price. Staking also depends on factors including network conditions and validator performance, but the company’s disclosure states that most of its ETH is already being used to earn yield. For companies holding Ether at scale, staking creates an operational layer that Bitcoin treasury strategies do not have in the same form, since rewards depend on validator participation and infrastructure management rather than passive custody alone.

Ether’s relative performance against Bitcoin

Bitmine’s purchases came during a seven-day period in which Ether outperformed Bitcoin. CoinGecko data cited by Bitmine’s announcement showed ETH rising about 2.4% over the past seven days, while Bitcoin declined roughly 0.7%.

Bitmine Chairman Tom Lee pointed to the rising ETH/BTC ratio as a sign of strengthening momentum. He described the ratio as being at a three-month high, indicating that Ether had improved relative to Bitcoin during the period referenced in the company’s announcement.

Relative performance is a factor for corporate treasury strategies because it affects the opportunity cost of accumulating one digital asset instead of another. Bitmine’s disclosure presented its continued Ether purchases alongside the company’s view that ETH had strengthened against BTC.

Strategy comparison and corporate crypto treasury activity

Bitmine also used its announcement to contrast its accumulation approach with Strategy, another major public company active in crypto treasury management. Bitmine said that while it has continued adding Ether, Strategy has paused Bitcoin purchases in recent weeks, highlighting a difference in how the two large treasuries are deploying capital.

Earlier coverage from Cointelegraph noted that Strategy announced it had raised $544.5 million through stock sales, repurchased $25 million of its STRC preferred shares, and increased its US dollar reserve to $3.75 billion, while maintaining holdings of 843,775 BTC.

Those actions point to the role of balance-sheet management in corporate crypto treasury decisions. Bitmine’s continued Ether buying, combined with its emphasis on staking deployment, reflects a model in which holding ETH and earning staking rewards occur in parallel. Strategy’s pause in Bitcoin purchases shows that corporate allocations can be affected by funding, liquidity targets, and operational considerations.

Bitmine’s latest disclosure centers on two related elements of its treasury strategy: continued net accumulation of Ether and the deployment of most of that Ether into validator operations. The company said its holdings now total 5.79 million ETH, with about 4.9 million ETH staked, and projected annualized staking rewards of approximately $299 million once all Ether is deployed through its own infrastructure and partner validators.