BitMine Immersion Technologies recently acquired nearly 10,000 ETH, pushing its total Ethereum stash to over 5.7 million coins. This move comes as Ethereum continues to outshine Bitcoin in recent market performance, reinforcing growing institutional confidence in the second-largest cryptocurrency.
Ethereum Surges While BitMine Expands
Over the past month, Ethereum surged about 24%, significantly outperforming Bitcoin’s modest 8% gain. The ETH/BTC ratio hit 0.03, a three-month peak, signaling stronger investor appetite for Ethereum rather than a decline in Bitcoin’s value. Ethereum also showed steady momentum on shorter timeframes, climbing 4% in the last 24 hours and over 5% in the past week.
Despite this rally, ETH prices remain well shy of their all-time high near $4,946, suggesting ample room for growth. Meanwhile, BitMine’s latest purchase adds 9,946 ETH to its treasury, now totaling 5,787,414 ETH worth around $11.2 billion at current market rates. The company is known as the largest public corporate holder of Ethereum and aims to build one of the largest long-term ETH treasuries.
A notable aspect of BitMine’s strategy is staking. Approximately 85% of its Ethereum holdings, close to 4.92 million ETH, are actively staked to earn rewards while maintaining long-term exposure. This approach blends investment growth with income generation.
Alongside expanding its Ethereum portfolio, BitMine has also been repurchasing shares aggressively. Last week alone, it bought back 6.1 million shares as part of a $4 billion authorized buyback program, increasing investor confidence in its deep commitment to the cryptocurrency space.
