Bitmine Immersion Technologies, the largest global owner of ETH, has continued with its aggressive accumulation strategy by adding 10,399 coins over the past week.

Its treasury has consistently increased over the past year and now stands at 5,797,813 ETH – just shy of the 5.8 million milestone.

Another Big Purchase

The press release shared by the former BTC miner reads that its crypto holdings, cash, and other investments total approximately $11.3 billion. Ethereum’s stash alone is currently valued at around $10.9 billion given the asset’s retreat from over $1,900 to under $1,850. Bitmine holds 4.8% of Ethereum’s circulating supply and cemented its position as the largest corporate holder of the asset.

Moreover, it has reduced the gap with the overall leader in the cryptocurrency space, Strategy. The Saylor-co-founded company has not only halted its BTC purchases, but has just announced its third sale of the year.

According to Bitmine Chairman Tom Lee, the firm has increased its ETH position every single week since it adopted the Ethereum treasury strategy on June 30 last year. Speaking on the most recent Ethereum market performance, in which the altcoin managed to outperform BTC and many other alts, Lee noted that it’s a clear sign its fundamentals continue to improve.

Moreover, he claimed that ETH outperformed the Nasdaq 100 by 25% in July, which, as we reported during the weekend, made it the asset’s strongest month in a year.

“In July, ETH outperformed the Nasdaq 100 by 2,500bp (or 25 percentage points). This is the largest outperformance since July 2025, and we believe it is reflective of the strengthening fundamentals of crypto. Last July (2025), ETH rose from $2,375 to $4,057 by the end of August,” stated Lee.

Staking Progress

Beyond accumulating ETH, the company continues expanding its staking operations through its institutional-grade platform called MAVAN. It has already deployed 4.92 million ETH to work, representing 85% of its entire treasury. Based on current yields, Bitmine projects approximately $291 million in annual staking rewards and $247 million in annualized staking revenue.

Source: CryptoPotato