Bitmine Immersion Technologies said Monday that it now holds 5.79 million Ether, equal to about 4.8% of the cryptocurrency’s total supply, after buying nearly 10,000 ETH over the past week.

The company said about 4.9 million ETH (ETH), or roughly 85% of its Ether holdings, are staked through its validator operations. Staking is the process by which Ether holders help secure Ethereum’s proof-of-stake network and receive protocol rewards, making deployment strategy a central factor for companies holding large ETH treasuries. Bitmine projected annualized staking rewards of about $299 million once all of its Ether is deployed across its own staking infrastructure and partner validators.

As of July 26, Bitmine said its combined crypto holdings, cash and marketable securities totaled $11.8 billion.

The purchases came during a week in which Ether outperformed Bitcoin (BTC). ETH rose about 2.4% over the past seven days, while Bitcoin declined roughly 0.7%, according to CoinGecko data.

In Monday’s announcement, Bitmine Chairman Tom Lee said the rising ETH/BTC ratio, which he described as being at a three-month high, pointed to strengthening momentum for Ether. The ETH/BTC ratio is commonly watched by crypto market participants as a relative-performance gauge between the two largest digital assets by market capitalization.

Bitmine has developed the world’s largest corporate Ether treasury and ranks behind only Strategy among public companies by the value of its digital asset holdings. Its accumulation approach has recently diverged from Strategy’s, which has paused Bitcoin purchases in recent weeks.

Also on Monday, Strategy said 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. The company said it continued to hold 843,775 BTC.