The Bitmine stake has now topped 5 million ETH, and the underlying figures paint a straightforward picture: a vast sum of Ether locked away in a single wallet, steadily generating income without requiring any manual effort on the part of its holders.
Monday brought news that the company added 27,180 ETH to its coffers last week, sending its holdings above the 5.95 million ETH mark. The pile is currently worth roughly $15.4 billion, and it amounts to roughly 4.9% of the circulating supply of Ether. When you include cash and other crypto assets, the total holdings come to around $15.8 billion.
More than 5.06 million ETH is now staked, producing an estimated $334 million in annualized staking revenue at current rates. With roughly 85% of its ETH staked, Bitmine is turning its crypto treasury into a steady income stream. For comparison, Grayscale Ethereum Staking ETF (ETHE), the first spot Ether US exchange-traded product, has 84.6% of its Ether holdings staked, according to the fund’s webpage.
What Bitmine owns today
| Asset | Value |
|---|---|
| ETH staked | More than 5.06 million ETH |
| ETH held outright | 27,180 ETH added last week |
| Total ETH | More than 5.95 million ETH |
| Total treasury value | ~$15.8 billion |
The Saylor path
Last week, Michael Saylor changed his approach. Rather than buying Bitcoin, the firm invested in its own preferred shares, marking a second consecutive week without adding to its cryptocurrency holdings.
Between Sept. 8 and Sept. 13, Strategy repurchased approximately 1.42 million shares of its STRC preferred stock for $139.3 million. A Monday filing also showed the company had bought back $176.3 million worth of STRC the prior week.
As of Sept. 13, its Bitcoin holdings remained steady at 845,050 BTC. The last addition to that balance happened in late August, when the company bought 4,603 BTC for $369.7 million.
What this means for investors
Bitmine shares were little changed on Monday, trading just below $25 in morning trading. The stock has gained nearly 38% over the past month but remains down year to date, according to Yahoo Finance data.
The company’s strategy offers a key advantage over Bitcoin treasury companies, whose core BTC holdings do not generate native staking yield. Bitmine’s treasury, by contrast, is doing real work even when the market is rough.
“The company’s strategy also offers a key advantage over Bitcoin treasury companies, whose core BTC holdings do not generate native staking yield.”
The comparison to Grayscale’s ETHE is notable. Both hold large piles of Ether, but Bitmine’s approach pushes further — staking nearly all of it — while Grayscale holds a smaller share staked.
The stakes here are substantial. About $15.8 billion in assets are involved, with over 85% of the ETH locked into a staking arrangement that produces roughly $334 million a year. This represents a recurring income stream, not a single payout.
Bitmine has constructed a treasury that brings in money from staking, and it operates on a large enough scale to matter. The stock has shown signs of activity over the past month, even as the year-to-date decline indicates the larger context remains uneven.
Another layer comes from comparing Bitmine’s purchases to Strategy’s pause on Bitcoin buying. Bitmine is piling into ETH, while Strategy is pulling back on BTC and buying its own stock instead. The two companies operate within the same field — crypto treasuries — yet they travel along entirely separate routes.
The figures do the talking at the moment. Bitmine’s ETH stake sits above 5 million, which generates $334 million in annualized staking revenue backed by a $15.8 billion treasury. The treasury is not sitting idle; it is earning income, and it does so independently of any Bitcoin movement.
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