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BitMine holds 5.07M staked ETH as staking revenue nears $335M
BitMine said its staked ETH balance valued at $12.7 billion stayed flat across four weekly readings through Aug. 30, while it added 53,501 ETH over the latest week.
BitMine Immersion Technologies said it had 5,067,309 ETH staked as of Aug. 30, valuing the position at $12.7 billion using an ETH price of $2,511. The company reported that the staked balance was unchanged from Aug. 9 through Aug. 30, according to The Defiant.
The filing also said BitMine acquired 53,501 ETH over the latest week, bringing total holdings to 5,901,112 ETH. BitMine described its ETH treasury as 4.9% of Ethereum’s 120.7 million supply and said it previously targeted acquiring 5% of ETH.
BitMine annualized a 2.63% yield generated by its staking operations over seven days, implying $335 million in yearly staking revenue for its current position. It also projected $390 million in annual staking rewards if its entire ETH balance were staked through MAVAN and staking partners at the same yield.
The company said it launched MAVAN, its Made in America Validator Network, in April and that earlier disclosures indicated some staked ETH on MAVAN, though the latest post did not provide a MAVAN specific amount. BitMine’s chairman, Tom Lee, said the firm has staked more ETH than any other entity, a claim The Defiant said it could not independently verify.
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