Bitmine Immersion Technologies converted a large portion of its Ethereum treasury into staking exposure, generating an estimated $164 million in annual revenue from its current staked balance, according to the company’s disclosures.
Bitmine had staked approximately 2.009.267 ETH, a position the company valued at about $5.7 billion using an ETH price of $2,839. That staked balance rose by roughly 171.264 ETH during the week to January 25, part of a larger treasury that totaled roughly 4.243.338 ETH on January 26.
Using the Composite Ethereum Staking Rate (CESR) cited by the company at 2.81%, the current staked tranche implies roughly $164 million in annual staking revenue. Bitmine also calculated a hypothetical scenario: if it staked its entire ETH holdings, annual revenue could reach about $374 million, more than $1 million per day under the same yield assumption.
Bitmine strategy, governance and near-term plans
Bitmine framed the initiative as part of a broader treasury strategy to monetize holdings and internalize operations. The company reported total crypto and cash assets of approximately $12.8 billion, which included 193 Bitcoin and $682 million in cash reserves as of January 26, 2026.
Bitmine is aiming to reduce reliance on third-party validators by building its own validator stack, the Made in America Validator Network (MAVAN), and planned deployment in early 2026. The company presented this as a way to cut counterparty risk and capture a larger share of staking economics through direct validator operation.
Operationally, traders and treasuries should note two practical constraints: staking revenue depends on the CESR and validator performance, and staking increases protocol exposure and on-chain custody responsibilities. The company’s figures assume stable yields and successful validator uptime; both factors materially affect realized returns.
Investors and crypto treasuries will now watch two concrete items: whether Bitmine completes internal validator deployment as planned in early 2026, and whether it increases the proportion of its 4.243.338 ETH that is actively staked — each action will determine how much of the projected $374 million upside can be realized.
