Bitmine ETH Treasury Nears 6M as Staking Revenue Grows
Bitmine Immersion Technologies bought 27,180 ETH in the week to 13 September, lifting its Ethereum treasury to more than 5.95 million ETH. The holdings were valued at about $15.4 billion in the latest update, compared with roughly $15.7 billion in the previous report. Including cash and other assets, Bitmine’s total treasury stood at about $15.8 billion, equal to around 4.9% of Ethereum’s supply.
More than 5.06 million ETH, or about 85% of Bitmine’s holdings, is staked through its validator network. Bitmine estimates annual staking revenue of $334 million, potentially rising to $392 million if its entire Ethereum treasury is staked. The Ethereum treasury strategy has generated recurring yield and strengthened Bitmine’s position among corporate crypto treasury companies, while also increasing its exposure to ETH price volatility and liquidity risk.
Bitmine shares traded near $25 and were little changed on the day. The stock gained nearly 38% over the past month but remained down year to date. Meanwhile, Strategy did not buy Bitcoin for a second consecutive week. It repurchased about $139.3 million of STRC preferred stock, leaving its Bitcoin holdings unchanged at 845,050 BTC.
Bullish
The news is mildly bullish for ETH because Bitmine continues to accumulate Ethereum and now controls nearly 4.9% of supply. Its large staking position also creates a recurring yield stream, which may encourage other institutions to hold ETH and could support long-term demand. The latest purchase adds to the institutional accumulation narrative and may improve sentiment among ETH traders.
The short-term price impact is likely to be limited. Bitmine’s buying is corporate treasury activity rather than immediate spot-market demand from a broad range of investors, and the company’s falling cash balance highlights liquidity and concentration risks. ETH may also face volatility if traders interpret the treasury valuation change or staking exposure as a sign of leverage. Strategy’s pause in Bitcoin purchases is a separate, mildly cautious signal for corporate crypto demand, but it does not materially change the direct outlook for ETH. Overall, the accumulation and staking benefits outweigh the risks, supporting a bullish classification with potentially stronger long-term than short-term effects.