Crypto
Bitmine Bets Big on Staked Ethereum, Sees $334M/Year Revenue
Bitmine Immersion Technologies has significantly increased its Ethereum holdings to nearly 6 million ETH, valued at around $15.4 billion. This represents about 4.9% of Ether's circulating supply.
The company purchased 27,180 ETH during the prior week, lifting its Ether holdings to more than 5.95 million ETH. When cash and other crypto assets are included, Bitmine reported total holdings of approximately $15.8 billion.
More than 5.06 million ETH is now staked, with Bitmine estimating $334 million in annualized staking revenue at current rates. The company has bet heavily on recurring yield rather than purely capital appreciation.