Bitmine Adds 10,000 ETH, Sees $299M in Staking Rewards

Bitmine Immersion Technologies has increased its Ether holdings by nearly 10,000 units to 5.79 million ETH. This represents about 4.8% of Ether's total supply. The company stated that it holds approximately 85% of its position in staked form through its validator operations.

Bitmine projects annualized staking rewards of around $299 million once all of its Ether is deployed across its staking infrastructure and partner validators. This comes at a time when Ether has outperformed Bitcoin, supporting a stronger ETH/BTC ratio.

The company's Chairman, Tom Lee, pointed to the rising ETH/BTC ratio as a signal, noting that it was at a three-month high. Bitmine's accumulation strategy appears to be diverging from Strategy, which has paused Bitcoin purchases in recent weeks.