Key facts
- Bitmine Immersion Technologies has staked over 5 million Ether.
- The company expects to generate $257 million in annualized revenue from staking.
- Ether staking comprised 98% of Bitmine's revenue in the fiscal quarter ending May 31.
- This revenue stream has funded Bitmine's share buyback program.
- Bitmine is the largest corporate holder of Ether, with 5.54 million ETH.
Bitmine Immersion Technologies, the largest corporate holder of Ether, has staked over 5 million ETH, a move expected to generate approximately $257 million in annualized revenue. Analysts suggest this staking income is crucial for the company, filling operational gaps and funding its share buyback program without necessitating the sale of its Ether holdings.
Ether staking accounted for a significant 98% of Bitmine's revenue in the fiscal quarter ending May 31, totaling $45.7 million out of $46.5 million. This recurring revenue stream provides a financial buffer against the volatility of Ether's spot price, which saw a roughly 23% decline in the second quarter of 2026. In contrast, other Ether treasury companies like SharpLink have reported substantial unrealized losses, with SharpLink posting a net loss of $394 million for the same quarter due to $391 million in unrealized crypto losses.
Bitmine currently holds 5.54 million ETH, valued at $9.4 billion, positioning it as the leading corporate Ether holder. SharpLink holds a distant second with 863,000 ETH, worth $1.46 billion. While Ether's ability to generate native yield through staking positions it as a potential treasury asset, experts caution that this income is not without risks. Alvin Kan, COO at Bitget Wallet, highlighted that the revenue is dependent on Ether's price and staking yield, and involves operational, liquidity, validator, and regulatory considerations. He characterized Ether staking as a yield-bearing enhancement to treasury strategy rather than a replacement for disciplined capital management.
Despite these risks, the consistent staking income is seen as a valuable buffer, offering topline predictability that can be assessed independently of Ether's spot price, according to Yiannis Zourmpanos, a contributor to Seeking Alpha. Currently, Ether staking offers an annual percentage rate (APR) of 2.61%, with over 34% of the total Ether supply staked across nearly 900,000 validators.