Bitmine Immersion Technologies said it added to its Ether treasury last week and now expects its staked holdings to generate hundreds of millions of dollars in annual revenue.
In a Monday announcement, the company said it acquired 27,180 ETH over the past week, bringing total holdings to more than 5.95 million ETH. Bitmine valued those holdings at roughly $15.4 billion, equal to about 4.9% of Ether’s circulating supply. Including cash and other crypto assets, the company said its total holdings stand at about $15.8 billion.
More than 5.06 million ETH is staked
Bitmine said over 5.06 million ETH is now staked. At current rates, that would produce an estimated $334 million in annualized staking revenue.
With roughly 85% of its Ether position staked, the company is turning most of its crypto treasury into a recurring income stream. Cointelegraph said the setup could help the firm keep generating revenue even during volatile market conditions.
For comparison, Grayscale Ethereum Staking ETF (ETHE), described in the report as the first spot Ether US exchange-traded product, has 84.6% of its Ether holdings staked, according to the fund’s webpage.
A different model from Bitcoin treasury firms
The report said Bitmine’s approach also sets it apart from Bitcoin treasury companies, whose core BTC holdings do not generate native staking yield.
Shares of Bitmine were little changed on Monday and traded just below $25 in morning trading, according to Yahoo Finance data cited in the report. The stock is up nearly 38% over the past month, though it remains down on the year.
Cointelegraph also referenced a related report saying Bitmine had bought 28,000 ETH and completed 97% of its treasury accumulation goal.
Strategy went another week without buying Bitcoin
While Bitmine kept building its Ether treasury, Michael Saylor’s Strategy did not add Bitcoin for a second straight week. Instead, the company directed capital to its preferred stock.
According to a Monday filing cited by Cointelegraph, Strategy repurchased about 1.42 million shares of its STRC preferred stock for $139.3 million between Sept. 8 and Sept. 13. The week before, it bought back another $176.3 million worth of STRC.
Strategy’s Bitcoin holdings were unchanged at 845,050 BTC as of Sept. 13. Its last purchase came in late August, when it acquired 4,603 BTC for $369.7 million.
The report added that the late-August buy, worth roughly $370 million, was Strategy’s first Bitcoin purchase since June. The pause that followed, together with the recent STRC buybacks, shows how the company has been balancing Bitcoin accumulation with support for its preferred stock.