Bitmine sweeps another 10k ETH! Its holdings reach 5.79 million ETH; Tom Lee: Ethereum momentum is strengthening

Bitmine added nearly 10 thousand ETH last week again, bringing total holdings to 5.79 million ETH (about 4.8% of the total supply across the network), with 85% already put into staking operations. The company estimates annualized staking returns of about $299 million, and chairman Tom Lee said the ETH/BTC ratio has hit a three-month high.
(Foreground: Bitmine splashed $100 million to buy 51 thousand more Ethereum! Tom Lee calls out: pullbacks are buying opportunities.)
(Background: Bitmine swept up another 42 thousand ETH last week! Total holdings surpassed 5.74 million ETH, approaching the “5% of supply” mark)

Bitmine Immersion Technologies announced on Monday that in the past week it added nearly 10 thousand more Ethereum (ETH), bringing total holdings to 5.79 million ETH, or about 4.8% of Ethereum’s total supply across the network.

The company also disclosed that about 4.9 million ETH (85% of its holdings) has been deployed into staking through its in-house validators. Bitmine estimates that once all ETH is fully deployed to staking infrastructure and partner validators, annualized staking returns will reach about $299 million. As of July 26, the company’s total crypto assets, cash, and marketable securities totaled $11.8 billion.

ETH outperforms BTC, Tom Lee bullish on the ETH/BTC ratio

This round of buying happened amid a market where ETH has outperformed Bitcoin. According to CoinGecko data, ETH rose about 2.4% over the past seven days, while Bitcoin dipped slightly by about 0.7%.

In Monday’s announcement, Bitmine chairman Tom Lee said the ratio of ETH to BTC has climbed to a three-month high, showing strengthening momentum for Ethereum.

The world’s largest corporate ETH treasury; its strategy increasingly diverges from Strategy

Bitmine has already built the world’s largest corporate Ethereum treasury, second only to Strategy in total digital asset value. However, the two firms’ accumulation strategies have started to diverge: Strategy paused buying Bitcoin in recent weeks and raised funds by selling shares; Bitmine, meanwhile, continues to steadily add ETH.

On Monday, Strategy announced it raised $544.5 million through share sales, repurchased $25 million of preferred stock, and boosted its dollar reserves to $3.75 billion, while keeping its Bitcoin holdings at 843,775 BTC.

Bitmine’s “5% alchemy” target (controlling 5% of Ethereum’s supply) is already in the final sprint phase, moving from the current 4.8%. If it keeps this pace, the chance of reaching the goal before year-end should not be overlooked.