Bitmine increased its holdings in Ethereum as ETH outperformed Bitcoin

Bit Mining increased its holdings in Ethereum, and ETH performed better than Bitcoin.

Bit Mining Immersive Technology said that its Ethereum holdings increased by nearly 10,000 in the past week, and its total reserves reached 5.79 million Ethereum. In its latest disclosure, the company explained how most of its positions are used to obtain pledge income through its verification node operations.

According to BitMining's documents, the latest purchase puts its Ethereum holdings at approximately 4.8% of the total supply of the cryptocurrency. The company also noted that as of July 26, its overall balance sheet-covering cryptocurrency positions, cash and marketable securities-totaled $11.8 billion.

Core Points

Bit Mining reported holding 5.79 million Ethereum units, having purchased nearly 10,000 units in the previous week. About 4.9 million Ethereum units-approximately 85% of its holdings-have been pledged through verification nodes. Bit Mining expects that once all Ethereum is deployed to pledge infrastructure and cooperation verification nodes, the annualized pledge rewards will reach approximately US$299 million. This move coincides with Ethereum outperforming Bitcoin on the seventh day of the same period (according to CoinGecko data).

Bit Mining's Growing Ethereum Reserves

Bit Mining said on Monday that it currently holds 5.79 million Ethereum units and has purchased nearly 10,000 units in the past week. The company views the increase as a continuation of its strategy of building large corporate Ethereum reserves, making it one of the largest public holders in the field. In the disclosure, Bit Mining quantified the size of its holdings: 5.79 million Ethereum pieces accounted for approximately 4.8% of Ethereum's total supply. The report also highlighted deployment readiness, noting that most of its Ethereum is already generating pledge revenue.

Pledge deployment and revenue expectations

Bit Mining said that approximately 4.9 million Ethereum pieces-approximately 85% of its positions-have been pledged through its verification node operations. The company added that once all Ethereum is deployed to its pledge infrastructure and collaborative verification nodes, annualized pledge rewards are expected to reach approximately US$299 million. For investors, the practical significance of this figure is that it links Bit Mining's reserve strategy to a continued value engine rather than relying solely on spot price appreciation. Pledge also introduces its own variables, including network conditions and verification node performance, but BitMining's disclosures clearly show that most of its Ethereum is already generating revenue.

Why ETH/BTC performance differences are important

BitMining's purchase came within a week of Ethereum outperforming Bitcoin. CoinGecko data shows that Ethereum has risen by about 2.4% in the past seven days, while Bitcoin has fallen by about 0.7%. Bit Mining Chairman Tom Lee pointed out that the ETH/BTC ratio rose to a three-month high, indicating that relative demand for Ethereum is improving, rather than Ethereum just following the broader market. Relative performance is crucial to a company's reserve strategy because it affects the opportunity cost of increasing holdings of one asset compared to another. If ETH strengthens relative to BTC-as BitMining points out-this could strengthen the company's decision to allocate incremental capital to Ethereum rather than suspend or focus on Bitcoin.

Policy shift and the evolution of enterprise crypto asset allocation

Bit Mining also used the announcement to emphasize that its increase in holdings is different from Strategy, another large public company. Bit Mining continues to increase its holdings in Ethereum, while Strategy has suspended Bitcoin purchases in recent weeks, reflecting differences in capital allocation among large reserves. Strategy announced that it would raise $544.5 million through stock sales, repurchase $25 million of STRC preferred stock, and increase its U.S. dollar reserves to $3.75 billion while maintaining a position of 843,775 bitcoins. This series of actions highlights the macro theme of corporate crypto asset allocation: Even if long-term beliefs remain unchanged, balance sheet management changes the pace of purchases. For market participants who focus on reserve behavior, the key point is that increases in holdings do not always occur linearly. Bit Mining continues to purchase Ethereum while emphasizing pledge deployment, demonstrating a model in which holding and revenue develop in parallel. Strategy's suspension of Bitcoin purchases suggests that corporate configurations may be affected by financing, liquidity goals and operational constraints.

Follow-up focus

Next, we should pay attention to whether the pledge plan announced by Bit Mining-covering the deployment of infrastructure and cooperative verification nodes-can fully achieve its predictions, and whether the strength of ETH/BTC mentioned by Tom Lee can continue with the price trend of Ethereum. This combination-continued net holdings coupled with relatively stronger performance-could further affect the way investors assess corporate crypto asset reserves in the next quarter.