Bitmine Boosts ETH Treasury by Nearly 10,000, Eyes $299 Million in Annual Staking Rewards

Bitmine Immersion Technologies said it bought nearly 10,000 Ether (ETH) over the past week, taking total holdings to 5.79 million ETH and making Ether a major component of its corporate treasury. In a Monday update, the company said its 5.79 million ETH represents roughly 4.8% of Ether's total supply. About 4.9 million ETH—around 85% of its position—is currently staked through Bitmine's validator operations. Once its full Ether balance is deployed across its own staking infrastructure and partner validators, Bitmine expects annualized staking rewards of about $299 million. Bitmine also reported that its total crypto assets, cash, and marketable securities stood at $11.8 billion as of July 26. The purchases followed a week in which Ether outperformed Bitcoin, supporting a firmer ETH/BTC ratio. CoinGecko data showed ETH up about 2.4% over the last seven days, while Bitcoin fell roughly 0.7%. Chairman Tom Lee said the ETH/BTC ratio is at a three-month high, which he described as a sign of strengthening momentum for Ether. Bitmine positioned itself as one of the most aggressive corporate ETH accumulators, saying it has built the world's largest corporate Ether treasury and that, among public companies, it ranks behind only Strategy by the value of its digital asset holdings. The disclosure also highlights a contrast with Strategy's recent stance. Bitmine has continued adding and staking ETH, while Strategy has paused Bitcoin purchases in recent weeks. Earlier this month, Strategy said it raised $544.5 million through stock sales, repurchased $25 million of its STRC preferred shares, and lifted its U.S. dollar reserve to $3.75 billion, while maintaining holdings of 843,775 BTC. Investors are likely to focus on two near-term catalysts: whether Bitmine completes full staking deployment of its Ether, which underpins the projected $299 million annualized rewards, and whether the company continues to expand its ETH position after the latest buying spree. The update reinforces a broader trend of pairing corporate crypto treasuries with staking operations, turning holdings into an ongoing yield source rather than a pure price-direction bet.