Bitmine Keeps Buying Ether Amid Bitcoin Downturn
Bitmine Immersion Technologies continues to buy Ether (ETH) despite Bitcoin's (BTC) recent downturn. The company now holds 5.79 million ETH, accounting for around 4.8% of the cryptocurrency's total supply.
This significant accumulation comes as ETH outperforms BTC over the past week. According to CoinGecko data, ETH has gained approximately 2.4%, while BTC has fallen roughly 0.7%.
Bitmine Chairman Tom Lee highlighted the rising ETH/BTC ratio as a key indicator of strengthening momentum for Ether. This ratio is at a three-month high, according to Bitmine's announcement on Monday.
The company's crypto holdings, including cash and marketable securities, total $11.8 billion as of July 26. A substantial portion of its ETH holdings, approximately 4.9 million tokens, are staked through validator operations. This is expected to generate around $299 million in annualized staking rewards once all of its Ether is deployed across its staking infrastructure and partner validators.
Bitmine's accumulation strategy has diverged from Strategy, a public company with significant digital asset holdings, which has paused Bitcoin purchases in recent weeks. Bitmine has built the world's largest corporate Ether treasury, trailing only Strategy by the value of its digital asset holdings.