Bitmine projects $334M annual staking revenue from ETH holdings

Bitmine Immersion Technologies has significantly increased its Ether holdings and, based on current rates, Bitmine projects $334M in annualized staking revenue. The company forecasts this substantial income by leveraging its considerable ETH treasury to generate revenue even amidst market volatility.

Last week, Bitmine acquired an additional 27,180 ETH, bringing its total holdings to over 5.95 million ETH. This amount is valued at approximately $15.4 billion and represents about 4.9% of Ether's circulating supply. Including other crypto assets and cash, Bitmine's total holdings are valued at around $15.8 billion.

More than 5.06 million ETH held by Bitmine is now staked, with approximately 85% of its total ETH holdings committed. This strategy positions the company's crypto treasury as a significant source of recurring income. For context, the Grayscale Ethereum Staking ETF (ETHE) has 84.6% of its Ether holdings staked.

This approach provides an advantage over companies primarily holding Bitcoin, as BTC does not generate a native staking yield. Bitmine shares experienced minor fluctuations, trading just under $25. The stock has seen a nearly 38% increase over the last month, though it remains down year-to-date.

Separately, Strategy did not purchase Bitcoin for a second consecutive week, instead allocating capital to its preferred stock. Strategy repurchased about 1.42 million shares of its STRC preferred stock for $139.3 million between September 8 and September 13. This follows a $176.3 million buyback of STRC the previous week. Strategy's Bitcoin holdings remained at 845,050 BTC as of September 13, with its last purchase occurring in late August.