BitMine’s Staked Ether Tops 5 Million, Annual Yield Estimated at $257 Million
Summary
- BitMine said it expects $257 million in annual revenue after staking more than 5 million Ether.
- Bitfinex said staking income accounted for 98% of BitMine’s revenue, adding that Ether staking has emerged as its main source of income.
- Pressure is building on companies using DAT strategies, with SharpLink posting $391 million in unrealized losses after Ether fell 23% in the second quarter.
Forecast Trend Report by Period
BitMine, the world’s largest corporate holder of Ether reserves, stands to generate about $260 million in annual staking income.
Cointelegraph reported on August 13 that BitMine’s staked Ether holdings recently surpassed 5 million tokens. The company holds a total of 5.54 million Ether, worth about $9.4 billion at current market prices.
BitMine projected annual staking revenue of $257 million. Bitfinex said staking income accounted for 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, Ether’s price decline remains a headwind. The token fell about 23% in the second quarter of this year alone.
The drop has quickly widened unrealized losses for companies that adopted an Ethereum-based digital asset treasury, or DAT, strategy. SharpLink, the world’s second-largest corporate holder of Ether reserves, recorded $391 million in unrealized losses on crypto investments in the second quarter.
Meanwhile, Ethereum staking’s annual percentage rate, or APR, stood at 2.61% as of August 13. More than 34% of total Ether supply is currently staked.
