Bitmine Doubles Down on Ethereum Amid Token's Rally

Bitmine Immersion Technologies has significantly boosted its Ether holdings, accumulating nearly 10,000 ETH over the past week. This brings its total treasury to 5.79 million Ether, representing about 4.8% of Ether's total supply.

The company reported that most of these holdings are deployed to earn staking yield through its validator operations, with approximately 85% of its Ether, around 4.9 million ETH, currently staked. Bitmine projects annualized staking rewards of about $299 million once all Ether is deployed across its staking infrastructure and partner validators.

This move coincides with Ether outperforming Bitcoin over the same seven-day period, according to CoinGecko data. The company's Chairman, Tom Lee, pointed to the rising ETH/BTC ratio as a signal of strengthening momentum, noting that it is at a three-month high.