Bitmine Immersion Technologies’ growing Ethereum staking position may translate into roughly $160 million in annual staking revenue at current rates, as more of its Ether holdings are put to work onchain.
Bitmine, the largest publicly traded Ether treasury, said it added 40,302 Ether (ETH) over the past week, lifting total holdings to 4,243,338 million ETH. Bitmine’s staked ETH balance jumped by 171,264 ETH over the period, bringing total staked holdings to 2,009,267 ETH.
Based on the 2.81% Composite Ethereum Staking Rate (CESR) cited by the company, a benchmark designed to estimate the annualized yield of Ethereum validators, Bitmine’s staked Ether position would translate into $164 million in annualized revenue based on ETH price at time of writing.
Chairman Tom Lee said that if all of the company’s Ether were staked, the operation would generate about $374 million annually or or “greater than $1 million per day,” based on the same CESR benchmark.
The company is working with multiple staking providers and plans to launch its own US-based validator infrastructure in 2026, which would allow it to internalize staking operations.
Along with its ETH holdings, Bitmine reported holding $682 million in cash, 193 Bitcoin (BTC) and minority equity investments, bringing total crypto and cash holdings to $12.8 billion.
Bitmine’s ETH holdings now account for 3.52% of the token’s circulating supply, based on an estimated 120.7 million ETH outstanding. The company’s goal is to acquire 5% of the total ETH supply.
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Staking emerges as a core strategy for Ether companies
Bitmine is not the only digital asset treasury to stake a large portion of its holdings to earn protocol rewards. SharpLink Gaming has also disclosed generating staking yield from its Ether treasury as part of a fully staked ETH strategy.
On Jan. 9, SharpLink Gaming said that it generated 10,657 Ether, worth about $33 million, in staking rewards over the past seven months, according to data published on the company’s dashboard.
SharpLink is currently the second largest Ether treasury company with 864,840 ETH, according to CoinGecko data.
Staking, the process of locking tokens to help secure proof-of-stake blockchain networks in exchange for protocol-issued rewards, has been a primary motive for several companies that pivoted to Ether treasury strategies in 2025.
In June, Bit Digital announced plans to wind down or sell its Bitcoin (BTC) mining infrastructure and use the proceeds to increase its Ether holdings. At the time of writing, Bit Digital held 153,546 ETH and only six BTC, according to data from CoinGecko.
About a month later, Ether Machine announced plans to launch a publicly traded, yield-focused Ether vehicle aimed at institutional investors. Ether Machine is now the third largest Ether treasury company, with 496,712 ETH.
The rising demand for Ether staking has become increasingly visible in Ethereum’s validator queue data. On Jan. 17, Cointelegraph reported that Ethereum’s staking exit queue had fallen to zero, while more than 2.6 million ETH waited to enter staking, the largest entry backlog since mid-2023.
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