Bitmine buys more Ether as ETH beats Bitcoin
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- Bitmine bought nearly 10,000 Ether (CRYPTO:ETH), lifting its holdings to 5.79 million ETH.
- About 85% of the company's Ether is staked through its validator operations.
- The latest purchase came as Ether outperformed Bitcoin over the past week.
Bitmine Immersion Technologies bought nearly 10,000 Ether (CRYPTO:ETH) over the past week, increasing its holdings to 5.79 million ETH, or about 4.8% of the cryptocurrency's total supply.
The company said about 4.9 million ETH is staked through its validator operations, while its crypto assets, cash and marketable securities totalled US$11.8 billion as of July 26.
“ETH/BTC is at a three-month high, signalling strengthening momentum for Ether,” said Bitmine Immersion Technologies Chairman Tom Lee.
Bitmine said fully deploying its Ether across its staking network and partner validators could generate about US$299 million in annual staking rewards.
Ether gained about 2.4% over the past seven days, while Bitcoin (CRYPTO:BTC) fell about 0.7%, according to CoinGecko data.
Bitmine said it now has the world's largest corporate Ether treasury, while Strategy remains the largest public company by the value of its digital asset holdings.
Strategy also raised US$544.5 million through stock sales, repurchased US$25 million of its STRC preferred shares and kept its Bitcoin holdings at 843,775 BTC.
At the time of reporting, Ethereum price was $1,888.28.
