Bitmine Stakes 5M+ ETH, Projects $334M Annual Staking Revenue
In brief
- Bitmine acquired 27,180 ETH last week, bringing total holdings to 5.95 million ETH worth roughly $15.4 billion.
- Staked ETH now generates an estimated $334 million in annualized staking revenue at current rates.
- 85% of Bitmine's ETH holdings are staked, converting its treasury into a recurring income stream.
- Bitmine shares traded near $25 on Monday, gaining nearly 38% over the past month.
Staking Strategy Drives Revenue
Bitmine acquired 27,180 ETH last week, bringing its total holdings to more than 5.95 million ETH. The company's Ether holdings are worth roughly $15.4 billion and represent about 4.9% of Ether's circulating supply. Including cash and other crypto assets, Bitmine's total holdings reach approximately $15.8 billion.
Roughly 85% of Bitmine's ETH is now staked. This concentration echoes the approach taken by Grayscale's Ethereum Staking ETF (ETHE), the first spot Ether US exchange-traded product, which has 84.6% of its Ether holdings staked.
Yield Advantage Over Bitcoin Treasuries
Bitmine's strategy offers a key advantage over Bitcoin treasury companies, whose core BTC holdings do not generate native staking yield. By locking in recurring revenue from Ether staking, Bitmine creates a structural difference in how it deploys capital.
Michael Saylor's MicroStrategy took a different path last week. Strategy went a second consecutive week without buying Bitcoin, instead directing capital toward its preferred stock. Strategy repurchased about 1.42 million shares of its STRC preferred stock for $139.3 million between Sept. 8 and Sept. 13. The company's Bitcoin holdings remained unchanged at 845,050 BTC as of Sept. 13.
Market Response
Bitmine shares were trading just below $25 in morning trading on Monday. The stock has gained nearly 38% over the past month but remains down year to date, reflecting broader volatility in crypto-linked equities.
