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Bitmine Immersion Technologies just bought nearly 10,000 ETH in a single week. That brings its total Ether stack to 5.79 million — roughly 4.8% of everything in circulation on the Ethereum network.
That’s a massive concentration for any public company. Bitmine’s total assets — crypto holdings, cash, and marketable securities combined — sat at $11.8 billion as of July 26. The firm isn’t quietly accumulating either. It’s staking most of what it owns, running validator operations that the company says will generate annualized rewards of approximately $299 million once the full position is deployed. About 4.9 million ETH, or around 85% of its holdings, are already staked through those validators right now.
Not a passive bet.
Tom Lee Flags the ETH/BTC Ratio
Bitmine Chairman Tom Lee pointed to the ETH/BTC ratio hitting a three-month high as proof that Ether’s momentum is building. He’s not wrong on the recent numbers. Over the past week, ETH gained roughly 2.4% while Bitcoin dropped about 0.7%. That’s a meaningful divergence, and it probably didn’t hurt Bitmine’s timing on the latest purchase.
Lee’s framing matters here. The ETH/BTC ratio is one of those metrics that crypto traders watch closely — when it rises, it basically means Ethereum is outpacing Bitcoin on a relative basis, which can shift how institutional allocators think about portfolio weighting. Whether that ratio holds is unclear. But Bitmine seems to be betting it will.
The company didn’t say anything about future acquisition plans. No timeline, no target size. Just the purchase and the staking numbers.
Strategy Goes the Other Way
Compare Bitmine’s move to what Strategy is doing right now. Strategy holds 843,775 BTC — a massive Bitcoin treasury by any measure — but it paused Bitcoin purchases recently. Instead, it raised $544.5 million through stock sales and pushed its US dollar reserves up to $3.75 billion. That’s a pretty clear pivot toward liquidity and financial flexibility, at least for now.
So you’ve got two of the biggest corporate digital asset holders in the market taking almost opposite positions at the same moment. Bitmine is buying and staking aggressively. Strategy is raising cash and sitting on it. Hard to say which call looks smarter six months from now.
The divergence isn’t just tactical. It’s kind of a philosophical split. Bitmine is leaning into Ethereum’s yield mechanics — staking rewards, validator infrastructure, the whole ecosystem play. Strategy built its identity around Bitcoin as a treasury reserve asset, a store of value argument that doesn’t really apply to staking yields. Different thesis, different moves.
Corporate crypto treasury strategies have grown more sophisticated over the past few years. Early adopters mostly just bought and held. Now companies are running validators, participating in network governance, and treating digital assets as operational infrastructure rather than just balance sheet items. Bitmine’s model sits firmly in that newer camp.
Staking-based yield is still a relatively niche strategy for public companies, though. Most corporate Bitcoin holders aren’t running validators. Bitmine’s 85% staking rate on a position this size puts it in genuinely unusual territory — there aren’t many public companies with a staking operation generating anything close to $299 million in projected annual rewards.
Whether those projections hold depends on Ethereum network conditions, validator participation rates, and a bunch of variables the company didn’t detail. Bitmine’s own disclosure was pretty light on methodology. The $299 million figure is annualized and assumes full deployment — neither of which is guaranteed.
Still, the position is real. 5.79 million ETH at current prices, 85% actively staked, $11.8 billion in total assets. Those aren’t projections. Those are the numbers on the table as of July 26.
And the ETH/BTC ratio, per Tom Lee, is at its highest point in three months.
Frequently Asked Questions
How much Ether does Bitmine currently hold?
Bitmine holds 5.79 million ETH as of late July 2026, which amounts to approximately 4.8% of the total Ethereum supply.
What staking rewards does Bitmine project from its ETH holdings?
Bitmine projects annualized staking rewards of approximately $299 million once all of its Ether is fully deployed through its validator operations.
What is Strategy doing differently from Bitmine right now?
Strategy, which holds 843,775 BTC, has paused Bitcoin purchases and instead raised $544.5 million via stock sales while increasing its US dollar reserves to $3.75 billion.
