Bitmine Expands Ethereum Treasury With $74M ETH Purchase as Staking Rewards Gain Momentum
Bitmine Immersion Technologies has expanded its Ethereum reserves after purchasing an additional 42,197 ETH valued at approximately $74 million, reinforcing its position as the largest corporate holder of Ethereum.
The Connecticut-based company said its total treasury now exceeds 5.7 million ETH, representing roughly 4.8% of Ethereum's circulating supply. Alongside its digital assets, Bitmine reported total crypto and cash holdings of approximately $11.1 billion as of June 28.
According to the company's latest update, the treasury includes Ethereum valued at an internal reference price of $1,800 per ETH, 206 Bitcoin, $527 million in cash and marketable securities, as well as equity investments in Beast Industries and Eightco Holdings.
Regulatory Outlook Boosts Ethereum Confidence
Bitmine Chairman Tom Lee believes Ethereum's recent strength relative to Bitcoin is partly being driven by improving regulatory expectations in the United States.
He pointed to rising market confidence that the proposed Clarity Act could advance, arguing that clearer rules for digital assets would create a more favorable environment for blockchain platforms built around smart contracts.
Lee said regulatory certainty could unlock broader adoption of Ethereum-based technologies and provide long-term benefits for the wider crypto industry.
Ethereum Outpaces Bitcoin
Ethereum has outperformed Bitcoin over the past month, with ETH climbing around 10% during the period while Bitcoin posted gains of roughly 2%.
The stronger price action comes as investors increasingly focus on Ethereum's staking ecosystem and the possibility of more favorable regulation for decentralized applications and tokenized financial services.
Majority of Treasury Is Staked
Bitmine has also continued expanding its staking operations. The company revealed that 4,879,157 ETH, or about 85% of its Ethereum holdings, has been delegated through its Made in America Validator Network (MAVAN).
Its in-house validators generated an annualized yield of 2.68% over the past seven days. Once the staking program reaches full deployment across MAVAN and external validator partners, Bitmine estimates annualized staking rewards could climb to approximately $277 million.
At current participation levels, the company projects yearly staking revenue of around $235 million, providing an additional source of recurring income beyond appreciation in Ethereum's market value.
Corporate Crypto Leader
With its latest acquisition, Bitmine remains the world's largest publicly known corporate Ethereum treasury while ranking second among all corporate crypto treasuries, trailing only Strategy's massive Bitcoin holdings.
The company also recently secured a place in the Russell 1000 Index, a milestone that management believes could attract additional institutional investors and increase market visibility.
Following the announcement, Bitmine shares moved higher in early trading as investors responded positively to the company's continued expansion of its Ethereum strategy and growing staking business.