Bitmine Immersion Technologies said it purchased another 10,399 ETH over the past week, continuing an accumulation program that has steadily expanded its Ethereum reserves.

The company said its treasury now holds 5,797,813 ETH, equal to about 4.8% of Ethereum’s circulating supply. That keeps Bitmine in the lead as the largest corporate holder of the asset, according to the company’s figures.

Treasury value approaches $11 billion in ETH

Bitmine said the value of its Ethereum holdings is now about $10.9 billion, reflecting recent moves in ETH’s market price. Including crypto holdings, cash, and other investments, the company put the value of those combined assets at roughly $11.3 billion.

The latest purchase brings the treasury close to the 5.8 million ETH mark. The company has framed the latest addition as part of a broader strategy centered on Ethereum as its primary treasury asset.

Weekly accumulation has continued since strategy shift

According to the company, it has increased its ETH position every week since adopting its Ethereum treasury strategy on June 30 last year. The newest purchase extends that run and underscores how consistently Bitmine has been adding to its holdings.

Bitmine also pointed to Ethereum’s market performance in July, saying ETH outperformed the Nasdaq 100 by 25% during the month. The company presented that comparison as a sign of strengthening fundamentals, though it did not tie the market move to any single cause.

Most of the treasury is already staked

Bitmine said it is also expanding staking through its MAVAN platform. At present, 4.92 million ETH, or about 85% of the company’s treasury, has been deployed for staking.

Using current yield levels, the company projects around $291 million in annual staking rewards. It separately estimated annualized staking revenue at about $247 million.

What comes next

The latest update shows Bitmine still pursuing two parallel goals: building a larger Ethereum treasury and putting most of that treasury to work through staking. For now, the clearest confirmed next step is the continuation of that approach, as the company has said it has added ETH every week since the strategy began.

Whether the treasury moves beyond 5.8 million ETH in the near term will depend on future purchases and market conditions. The company’s reported asset values and projected staking returns also remain sensitive to changes in ETH price and staking yields.

Source: cryptopotato.com