Bitmine Doubles Down on Ethereum with Massive Purchase

Bitmine Immersion Technologies has significantly increased its Ethereum holdings over the past week. The company acquired nearly 10,000 ETH, bringing its total to 5.79 million Ether, which accounts for about 4.8% of the cryptocurrency's total supply.

About 85% of Bitmine's Ether is staked through its validator operations, with annualized staking rewards projected at around $299 million once all of its Ether is deployed across its staking infrastructure and partner validators.

Bitmine's Chairman Tom Lee attributed the growing ETH/BTC ratio to strengthening momentum for Ether. The company has built the world's largest corporate Ether treasury, surpassing Strategy in value of digital asset holdings.