Bitmine Immersion Technologies now has more than 5 million ETH staked, converting most of its Ether holdings into a recurring income stream as it continues to accumulate. The crypto treasury company staked 5.06 million of its 5.95 million ETH holdings, generating an annualized staking revenue projection of $334 million at current rates.
Bitmine acquired 27,180 ETH on September 8, bringing its total Ether position to 5.95 million ETH, valued at $15.4 billion. That stake represents 4.9% of Ether’s circulating supply. The company’s total crypto treasury, including cash and other digital assets, stands at $15.8 billion.
The staking deployment covers 85% of Bitmine’s ETH holdings. By comparison, Grayscale Ethereum Staking ETF (ETHE), the first spot Ether US exchange-traded product, stakes 84.6% of its Ether position. Bitmine’s strategy converts its ETH treasury into recurring revenue through staking, an advantage over Bitcoin treasury companies whose BTC holdings do not generate native staking yield.
Bitmine’s stock price reached $25 in morning trading on September 14 and has gained 38% over the past month, though it remains down year to date.
Strategy Pauses Bitcoin Purchases, Focuses on Stock Buybacks
Strategy, another crypto treasury company, has paused Bitcoin purchases for two consecutive weeks while prioritizing preferred stock buybacks. From September 8 to 13, Strategy repurchased 1.42 million shares of STRC preferred stock at a cost of $139.3 million. The previous week, Strategy spent $176.3 million on similar buybacks.
Strategy’s Bitcoin holdings remained unchanged at 845,050 BTC as of September 13. In late August, Strategy acquired 4,603 BTC for $369.7 million, but has not added to its position since then.
