Bitmine Keeps Buying ETH; Staking Income Seen at $226M+ a Year

BlockBeats reported on June 15 that Bitmine's chairman said in the company's latest letter that it purchased an additional 76,881 Ethereum (ETH) over the past week, extending its rapid accumulation pace. Bitmine said the recent pullback in ETH prices fails to capture Ethereum's strengthening fundamentals, and it views the broader crypto market as being in an "early bull phase." As of June 14, the company had 4,718,677 staked ETH, valued at roughly $8.1 billion at current prices. Bitmine said this positions it among the world's largest Ethereum holders and stakers. The company also announced the official launch of MAVAN, its proprietary institutional-grade staking platform. Bitmine said access will be rolled out gradually to institutional investors, custodians, and ecosystem partners to broaden its staking infrastructure, with a portion of its ETH already staked via the platform. Based on company-disclosed figures, the current staking balance implies annualized staking returns of about $226 million to $269 million, with a 7-day average yield of around 2.79%. Bitmine said it expects staking-related income to rise as its staked ETH increases. Management reiterated its target of reaching a 5% share of Ethereum's supply by 2026 while continuing to build its strategic ETH reserve. Separately, Bitmine declared its third weekly cash dividend of $0.2639 per share on its Class A preferred stock, payable on July 6, 2026.