Bitmine Expands Ether Holdings, Projects $334M Annual Revenue from Staking

Significant Expansion of Ether Holdings and Staking

Bitmine announced the acquisition of 27,180 ETH last week, bringing its total holdings to over 5.95 million ETH, representing roughly 4.9% of the circulating Ether supply. Combined with cash and other crypto assets, total holdings amount to approximately $15.8 billion.

More than 5.06 million ETH of this total is currently staked, which at present rates generates an estimated $334 million in annual staking revenue, providing a substantial income stream for Bitmine.

Staking as a Core Yield Strategy

Approximately 85% of Bitmine’s Ether holdings are staked, effectively turning its crypto treasury into a source of recurring revenue. For context, the Grayscale Ethereum Staking ETF (ETHE), the first US exchange-traded product for spot Ether, has about 84.6% of its ETH staked.

This approach gives Bitmine a strategic advantage over Bitcoin treasury companies, whose core BTC holdings do not yield native staking income, distinguishing Bitmine within the market landscape.

Stock Stability and Market Dynamics

Bitmine shares traded just below $25 on Monday morning, remaining largely unchanged during the day. Shares have gained nearly 38% over the past month, though they remain down year-to-date, according to Yahoo Finance data.

Strategy’s Bitcoin and STRC Movements

While Bitmine continued building its Ether treasury, Michael Saylor’s company Strategy went two consecutive weeks without purchasing Bitcoin, instead focusing capital on repurchasing its preferred shares (STRC).

Between Sept. 8 and Sept. 13, Strategy bought back approximately 1.42 million STRC preferred shares for $139.3 million, following a $176.3 million buyback the preceding week. As of Sept. 13, Strategy’s Bitcoin holdings remained steady at 845,050 BTC.

Its last Bitcoin purchase took place in late August when it acquired 4,603 BTC for around $369.7 million. This subsequent pause, alongside notable STRC buybacks, reflects the company's balancing act between accumulating Bitcoin assets and supporting its preferred stock.