Bitmine’s Staked Ethereum Tops 5 Million, Annual Yield Seen at $260 Million

Bitmine, the world’s largest corporate holder of Ether, is estimated to generate about $260 million in annual staking income.

Bitmine recently said the amount of Ether it has staked surpassed 5 million, Cointelegraph reported on August 13. The company holds a total of 5.54 million Ether worth about $9.4 billion at current prices.

Bitmine said annual staking revenue could reach $257 million. Bitfinex said that represented 98% of the company’s $46.5 million in revenue for the fiscal quarter ended May 31, adding that Ether staking has emerged as Bitmine’s main source of income.

Still, the decline in Ether prices remains a drag. The token fell about 23% in the second quarter alone.

That has rapidly increased unrealized losses for companies that adopted an Ether-based digital asset treasury, or DAT, strategy. SharpLink, the world’s second-largest corporate holder of Ether, posted $391 million in unrealized losses on crypto investments in the second quarter.

Ethereum staking’s annual percentage rate stood at 2.61% as of August 13. More than 34% of total Ether supply is currently staked.