Bitmine Immersion Technologies has added 27,180 ETH to its treasury over the past week, taking its total Ethereum holdings to 5,956,378 ETH.
The company said in a statement on Monday that, based on an ETH price of $2,513, its holdings were worth about $15 billion as of Sept. 13. That amounts to 4.9% of Ethereum’s 122 million-token supply.
Bitmine also disclosed that 5,067,309 ETH had been staked as of Sept. 7. The figure represents about 85% of its Ethereum holdings and was valued at $12.7 billion using the company’s stated ETH price.
Its staking operations produced a 7-day annualized yield of 2.62%, Bitmine said, with projected annualized staking revenue of $334 million.
Alongside its Ethereum treasury, the company reported holdings of 212 bitcoin, a $180 million stake in Beast Industries and a $98 million stake in Eightco Holdings. It also held $549 million in cash and marketable securities.
Bitmine said the combined value of its cryptocurrency, cash, marketable securities and other assets was $15.8 billion. Bitcoin was listed at $78,443.35.
Tom DeMark, founder of DeMark Analytics and a capital markets adviser to Bitmine, said he expected Ethereum to make a sharp upward move in the coming weeks.
He pointed to trading during August, when ETH moved sideways without breaking lower. DeMark said the expiry of a 12-day metric suggested the previous move could resume.
“We believe this further supports the continuation of the prior uptrend. We expect late August’s sharp one-day rally was a likely preview of the pending advance,” DeMark said in the statement.
Bitmine chairman Tom Lee said the ETH/BTC ratio had risen to its highest level since Jan. 30, describing the move as a new uptrend.
Lee also said Ethereum had outperformed the S&P 500 by 5,866 basis points during the third quarter through the previous Friday.
Ethereum traded above $2,500 on Monday, according to The Block’s ETH price page. It was up 1.4% over 24 hours, giving it a market capitalisation of $306.3 billion.
Bitmine shares ended Friday at $25.03, a rise of 3.43% on the day, according to The Block’s BMNR price page.
