Bitmine keeps buying Ether as ETH outperforms Bitcoin
The company added nearly 10,000 ETH over the past week, bringing its holdings to 5.79 million Ether, about 85% of which is staked through its validator operations.
Bitmine Immersion Technologies said Monday it holds 5.79 million Ether, or about 4.8% of the cryptocurrency’s total supply, after purchasing nearly 10,000 ETH over the past week.
Bitmine disclosed that about 4.9 million ETH (ETH), or roughly 85% of its holdings, are staked through its validator operations. The company projected annualized staking rewards of about $299 million once all of its Ether is deployed across its staking infrastructure and partner validators. The company’s crypto holdings, cash and marketable securities total $11.8 billion as of July 26.
The latest purchases come as Ether has outperformed Bitcoin (BTC) over the past week. ETH has gained about 2.4% over the past seven days while Bitcoin has fallen 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, signaled strengthening momentum for Ether.