Ethereum’s biggest staker has just become a public company with over $10 billion locked up
Bitmine has staked more than $10 billion in ETH, making it the largest corporate Ethereum treasury company and a yield-generating bet on the networks proof-of-stake economy. On May 4, the Las Vegas-based company said its staked ETH position stood at 4.36 million tokens, valued at $10.2 billion at ETHs average price of $2,336. The position represents more than 84% of BitMine‘s total ETH holdings and gives the company one of the largest visible corporate exposures to Ethereum’s validator system. BitMine said it held 5.18 million ETH as of May 3, equal to about 4.29% of Ethereums total supply. The company also reported 200 Bitcoin, $700 million in cash, an investment in Beast Industries, and a stake in Eightco Holdings, bringing total crypto, cash, and “moonshot” holdings to $13.1 billion. BitMine‘s Key Metrics (Source: BitMine)Ethereum’s treasury bet becomes a staking business BitMine said its staking operations are generating annualized revenue of about $297 million, based on a seven-day annualized yield of 2.91%. Chairman Thomas “Tom” Lee said projected annual staking rewards could reach $352 million once the companys ETH holdings are fully staked through MAVAN, its Made in America Validator Network, and other staking partners. The disclosure shifts BitMines Ethereum strategy from a balance-sheet-accumulation move to a recurring-revenue