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BTC 
ETH Bitmine Immersion Technologies increased its holdings in Ethereum, expecting annual pledge revenue to reach hundreds of millions of dollars.
Last week, Bitmine Immersion Technologies continued to increase its Ethereum (ETH) positions and expects to generate hundreds of millions of dollars in pledge revenue every year. The move highlights the company's ability to generate revenue from the asset even in times of market volatility, backed by its huge Ethereum reserves.
Bitmine said in an announcement released on Monday that it acquired 27,180 ETH units last week, bringing its total position to more than 5.95 million ETH units. Based on current market value, the value of this position is approximately US$15.4 billion, accounting for approximately 4.9% of Ethereum's circulating supply. Including cash and other crypto assets, Bitmine reported total assets of approximately US$15.8 billion.
According to Bitmine, more than 5.06 million ETH have been pledged. Based on current interest rates, it is expected to generate approximately US$334 million in annualized pledge income every year. With approximately 85% of ETH pledged, Bitmine is converting its crypto asset reserves into a potential source of recurring income. For comparison, according to data from the official website of the Grayscale Ethereum Staking ETF (ETHE), as the first spot Ethereum American Exchange-traded product, the fund has pledged 84.6% of its Ethereum positions.
In addition, the company's strategy brings a key advantage over Bitcoin treasury: the latter's core BTC positions cannot generate native pledge gains.
Bitmine shares were stable at just below $25 in early trading Monday. According to Yahoo Finance, the stock has risen nearly 38% in the past month, but is still falling year-to-date.
Strategic adjustment: Suspend Bitcoin purchases and shift to share buybacks
Although Bitmine continues to increase its Ethereum reserves, Michael Saylor's Strategy company refrained from making bitcoin (BTC) purchases for the second consecutive week, instead directing funds towards its preferred share buybacks.
According to documents filed Monday, Strategy spent $139.3 million to repurchase approximately 1.42 million STRC preferred shares between September 8 and September 13. The previous week, the company also bought back $176.3 million worth of STRC stock.
As of September 13, Strategy's Bitcoin position remained unchanged at 845,050 BTC. Its last purchase occurred in late August, when the company purchased 4,603 BTC units for US$369.7 million.
Looking back at the end of August, Strategy purchased 4,603 BTC units for approximately US$370 million, the first Bitcoin purchase since June. The subsequent suspension of purchases, coupled with the recent massive STRC share repurchase operation, suggests that the company is balancing the accumulation of Bitcoin with backing for its preferred shares.
