Bitmine Immersion Technologies announced it acquired 27,180 ETH last week, bringing its total holdings to more than 5.95 million ETH. This position represents roughly 4.9% of Ether’s circulating supply and is valued at approximately $15.4 billion. Including cash and other crypto assets, the company reported total holdings of about $15.8 billion.
The firm stated that more than 5.06 million ETH is now staked, generating an estimated $334 million in annualized staking revenue at current rates. With roughly 85% of its ETH staked, Bitmine is converting its treasury into a source of recurring income. For comparison, Grayscale Ethereum Staking ETF has 84.6% of its Ether holdings staked. Bitmine shares traded just below $25 on Monday, showing little change despite gaining nearly 38% over the past month.
This development highlights a structural divergence between Bitcoin and Ether treasury strategies. While Bitcoin holdings do not generate native yield, Bitmine’s approach leverages staking mechanisms to create recurring revenue streams from its asset base. The projection of $334 million in annualized revenue demonstrates how large-scale institutional holders can utilize network consensus features to offset volatility risks through operational income.
From a Market Structure perspective, the high percentage of staked assets—roughly 85% for Bitmine compared to 84.6% for Grayscale’s ETHE—indicates a maturing institutional adoption curve where custody solutions are increasingly integrated with yield-generating protocols. Investors should watch whether this model influences other corporate treasuries to prioritize assets with native income capabilities over pure store-of-value commodities.
