Bitmine Immersion Technologies said it added nearly 10,000 Ether (ETH) over the past week, increasing its total ETH holdings to 5.79 million. The company disclosed the purchases in an update released Monday, saying Ether now represents a substantial part of its treasury.

According to Bitmine, its 5.79 million ETH represents about 4.8% of Ether’s total supply. The company said roughly 4.9 million ETH, or about 85% of its position, is staked through its validator operations. Bitmine projected annualized staking rewards of around $299 million once all of its Ether is deployed across its own staking infrastructure and partner validators.

The company also reported that its total crypto assets, cash, and marketable securities stood at $11.8 billion as of July 26.

Bitmine expands its corporate Ether treasury

Bitmine’s latest disclosure focused on the continued growth of its corporate Ether treasury. After buying nearly 10,000 ETH during the previous week, the company said it now holds 5.79 million ETH in total.

Staking remains a central part of Bitmine’s Ether strategy. The company stated that about 4.9 million ETH, equal to roughly 85% of its holdings, is currently staked through its validator operations. On Ethereum, staking involves committing ETH to validators that help process transactions and secure the network in return for protocol rewards, making the operational setup and validator deployment relevant to how a treasury position is managed.

Bitmine also provided an outlook for the deployment of the rest of its Ether balance, saying it expects to place its full stake across its staking infrastructure and partner validators. Once that deployment is complete, Bitmine projected annualized staking rewards of approximately $299 million. The company’s staking-heavy structure means a large portion of its ETH exposure is linked to ongoing Ethereum network rewards, in addition to changes in the spot price of Ether.

ETH gains against BTC over the week

Bitmine’s purchases came during a period in which Ether performed more strongly than Bitcoin. According to CoinGecko data, ETH gained about 2.4% over the past seven days, while Bitcoin declined roughly 0.7% over the same period.

In Monday’s announcement, Bitmine Chairman Tom Lee referred to the rising ETH/BTC ratio. He described the ratio as being at a three-month high and said it indicated strengthening momentum for Ether. The ETH/BTC ratio is commonly used to compare Ether’s relative performance against Bitcoin rather than against the U.S. dollar alone.

The company’s latest accumulation therefore coincided with a week in which Ether outpaced Bitcoin. Bitmine’s update presented the ETH/BTC ratio as one of the metrics it is monitoring as it continues building its Ether position.

Bitmine and Strategy take different treasury paths

Bitmine has described itself as one of the most active corporate ETH treasury companies. The company said it has built the world’s largest corporate Ether treasury and that, among public companies, it trails only Strategy by the value of its digital asset holdings.

The update also highlighted a difference between Bitmine’s recent approach and Strategy’s. Bitmine has continued adding ETH, while Strategy has paused Bitcoin purchases in recent weeks.

Earlier this month, Strategy announced that it had raised $544.5 million through stock sales, repurchased $25 million of its STRC preferred shares, and increased its U.S. dollar reserve to $3.75 billion. The company also maintained holdings of 843,775 BTC.

The contrast shows that corporate digital asset treasury strategies are not uniform across the sector. Bitmine is continuing to expand its ETH holdings and deploy coins into staking, while Strategy’s recent communications have emphasized capital and reserve management around its Bitcoin position.

Balance sheet and staking deployment remain central metrics

In addition to disclosing its latest ETH purchase, Bitmine provided a broader balance sheet figure. The company said its crypto holdings, cash, and marketable securities totaled $11.8 billion as of July 26.

Two issues remain central to Bitmine’s disclosures. The first is the company’s projected annualized staking rewards, which depend on the full deployment of its Ether across Bitmine’s staking infrastructure and partner validators. The second is whether Bitmine continues adding ETH after the latest weekly purchases, particularly as the company continues to track the ETH/BTC ratio.

Bitmine’s update shows how some corporate Ether treasuries are being paired with staking operations, allowing ETH holdings to generate network rewards rather than remaining only a balance-sheet asset. The company’s next relevant disclosures are likely to focus on the pace of further ETH acquisitions and the timing of complete staking deployment under its stated plan.