When the Staking Balance reaches $5.7B, Bitmine adds 40,302 ETH
Bitmine Immersion Technologies' growing stake in Ethereum could translate to more than $160 million in annual earnings per share at current rates, as more of its Ether holdings will be processed on-chain.
Bitcoin, the largest publicly traded Ether treasury, added 40,302 Ether (ETH) last week, bringing its total holdings to 4,243,338 million ETH. Bitmines staked ETH balances jumped by 171,264 ETH during the period, bringing total stake holdings to 2,009,267 ETH.
Based on the company's stated 2.81% Composite Ethereum Staking Rate (CESR), a measure designed to estimate the annual yield of Ethereum validators, the annual revenue based on the price of ETH at the time of writing Bitmines' staked Ether position translates to $164 million.
Chairman Tom Lee said that if all of the company's ether were held in stock, the operation would generate about $374 million a year, or “more than $1 million a day,” according to the same CESR metric.
The company is working with a number of stock suppliers and plans to launch its own US-based verification infrastructure in 2026, which will enable in-sourcing of stock operations.
Along with its ETH holdings, Bitmine reported holding $682 million in cash, 193 Bitcoin (BTC) and minority equity investments, bringing its total crypto and cash holdings to $12.8 billion.
Bitmine's ETH holdings now hold 3.52% of the token distribution supply, which is roughly 120.7 million ETH. The company's goal is to acquire 5% of the total ETH supply.
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Staking is emerging as a core strategy for ethereum companies.
Bitcoin isn't the only digital asset treasury with a large stake in its holdings to gain protocol rewards. Sharplink Gaming has announced that it will generate equity yields from its Ether treasury as part of its fully owned ETH strategy.
On January 9, Sharplink Gaming said it had generated 10,657 Ether, worth an estimated $33 million, according to data published on the company's dashboard.
Sharplink is currently the second largest Ether treasury company with 864,840 ETH according to CoinGecko data.
The process of locking in tokens to support proof-of-stake blockchain networks in exchange for protocol-issued rewards is a major initiative of many companies aiming for Ether Treasury strategies in 2025.
In June, BitDigital announced plans to downsize or sell its Bitcoin (BTC) mining infrastructure and increase its holdings of Ether. According to CoinGecko data, at the time of writing, Bit Digital has only 153,546 ETH and six BTC.
About a month later, Ether Machine announced plans to launch a publicly-traded, yielding Ether vehicle aimed at institutional investors. Ether Machine is now the third largest Ether treasury company with 496,712 ETH.
The increasing demand for Ether reserves is being reflected in the Ethereum validator queue data. In the year On January 17, Cointelegraph reported that Ethereum's exit queue fell to zero, with more than 2.6 million ETH waiting to enter staking, the largest entry backlog since mid-2023.
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