Ethereum solidified its relative strength against Bitcoin as Bitmine Immersion Technologies aggressively expanded its holdings, purchasing another 40,000 ETH. The move pushed the company’s total Ethereum treasury to 5,742,237 ETH, representing a staggering 4.8% of the circulating supply.
Crypto analyst Michaël van de Poppe reinforced the bullish sentiment, stating that “ETH is a better place to park capital than BTC going forward.” His comments came as ETH held key support near $1,700, with analysts targeting a breakout toward the $2,000–$2,200 range.
The accumulation spree didn’t stop there. In the following week, Bitmine added 42,197 ETH, lifting its total cryptocurrency, cash, and marketable securities holdings to $11.1 billion as of July 5, 2026. Chairman Tom Lee confirmed the buying pace has accelerated, noting the company expects to reach its “alchemy of 5%” target this year.
Bitmine has staked approximately 4.88 million ETH (85% of its holdings) through its institutional-grade platform MAVAN, generating about $235 million in annualized staking revenue. At full scale, this could rise to $277 million annually. Lee emphasized that Bitmine has staked more ETH than any other entity.
The company’s recent inclusion in the Russell 1000 Large-cap Index and the closing of a $273.8 million preferred stock offering (ticker BMNP) further strengthen its market position. Lee also highlighted improving odds for the Clarity Act and growing adoption of Ethereum layer-2 networks for USDC transactions by companies like Shopify and Visa.
With ETH trading at $1,791 and the company’s treasury valued at over $10 billion, Bitmine’s accumulation underscores institutional confidence in Ethereum’s long-term role as a staking yield generator and smart contract leader.
