BitMine has staked 5,067,309 ETH, 84.4% of its 6,001,302 ETH treasury, and projects $358 million in annualized staking revenue. A September SEC filing also shows the company ended a fee arrangement tied to its MAVAN staking business, leaving open how much of that stake sits with a single operator.
BitMine held 6,001,302 ETH at 3 p.m. Eastern on September 27, according to its September 28 SEC exhibit. It said 5,067,309 of those coins were staked, equal to 84.4% of its ETH balance through staking.
BitMine's stake approaches its 5% supply target
The company separately claims ownership of 4.9% of ETH supply, using a stated denominator of roughly 122.1 million ETH. BitMine calls the ambition the Alchemy of 5%; at that denominator, 5% would require 6,105,000 ETH, so the company sits 103,698 ETH short of the target, about 1.7% of its existing balance. Its release valued the ETH at $2,698 apiece, giving the staked holdings a rounded value of $13.7 billion within total crypto, cash and marketable securities of $17.2 billion.
The $358 million figure is a projection, not booked cash
BitMine described a seven-day yield of 2.62%, annualized, across its staking operations. Applied to the 5,067,309 staked ETH at the $2,698 reference price, that yield produces $358 million in projected annualized revenue. Full staking of the entire 6,001,302 ETH treasury at the same yield and price would imply roughly $424.2 million annually. The company reported 933,993 ETH outside its staked balance, plus $672 million of cash and marketable securities, as separate cushions.
A September filing ended a fee deal tied to staking
BitMine's September 8-K described a management services agreement under which Ethereum Tower provided strategic planning and operational management for the company's staking business, in exchange for a revenue participation fee. The filing disclosed the termination of that arrangement. It does not establish who operates each validator key or holds withdrawal credentials for the staked coins, a gap the company's public disclosures have not yet closed.
Source: crypto.news
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