Bitmine’s ETH staking could yield $164M annually at 2.81% CESR
Bitmine Immersion Technologies’ expanding Ethereum staking position could yield approximately $164 million in annual staking revenue at current rates as a larger share of its Ether holdings is deployed on-chain.
The company, the largest publicly traded Ether treasury, said it added 40,302 Ether (ETH) over the past week, bringing total holdings to 4,243,338 ETH. Over the same period, its staked balance increased by 171,264 ETH to 2,009,267 ETH. Using the 2.81% Composite Ethereum Staking Rate (CESR) cited by the company—a benchmark estimating the annualized yield for Ethereum validators—the current staked position equates to about $164 million in annualized revenue based on the ETH price at the time of the update.
Chairman Tom Lee said that fully staking the company’s Ether would generate roughly $374 million per year, or more than $1 million per day, using the same CESR benchmark.
Bitmine is working with multiple staking providers. plans to launch a U.S.-based validator infrastructure in 2026 to internalize staking operations.
Alongside its ETH position, the company reported holding $682 million in cash, 193 Bitcoin (BTC), and minority equity investments, bringing combined crypto and cash holdings to $12.8 billion. Bitmine’s ETH represents 3.52% of the token’s circulating supply, based on an estimated 120.7 million ETH outstanding. The company’s stated objective is to acquire 5% of total ETH supply.
Staking becomes a core strategy among Ether-focused companies
Other digital asset treasuries are also staking significant portions of their ETH to earn protocol rewards. SharpLink Gaming has disclosed generating staking yield from its Ether reserves as part of a fully staked ETH approach.
On Jan. 9, SharpLink Gaming reported generating 10,657 ETH—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 with 864,840 ETH, according to CoinGecko.
Source: SharpLink
Staking—the process of locking tokens to help secure proof-of-stake blockchains in exchange for protocol-issued rewards—has been a primary driver for several companies that shifted to Ether treasury strategies in 2025.
In June, Bit Digital announced plans to wind down or sell its Bitcoin (BTC) mining infrastructure and redeploy the proceeds to increase its Ether holdings. At the time of writing, Bit Digital held 153,546 ETH and six BTC, according to CoinGecko.
About a month later, Ether Machine announced plans to launch a publicly traded, yield-focused Ether vehicle for institutional investors. Ether Machine is now the third-largest Ether treasury company, with 496,712 ETH.
Rising demand for Ether staking is reflected in validator queue data. As of Jan. 17, the Ethereum staking exit queue had fallen to zero, while more than 2.6 million ETH were awaiting entry into staking—the largest backlog since mid-2023.
Top 10 Ether treasury companies. Source: CoinGecko
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