Bitmine ETH staking revenue now covers almost the entirety of the company’s operating costs and bankrolls its share repurchase programme, with annualised projections rising well beyond the $257 million figure the company published on Monday, according to updated disclosures and analyst commentary.
Staking Yield Now Drives the Entire Income Statement
Analysts at Bitfinex told Cointelegraph that staking accounted for 98% of Bitmine’s revenue for the fiscal quarter ending 31 May 2026: $45.7 million of the company’s $46.5 million total. That recurring cashflow is doing real work: it funds day-to-day operations and a buyback programme that has retired 19.1 million shares since July, against a $4 billion authorisation expanded concurrent with the company’s uplisting to the NYSE, according to a Bitmine press release. No ETH has been sold to fund either.
Yiannis Zourmpanos, writing on Seeking Alpha on 28 July, framed the staking income as a ‘buffer’ to spot price volatility, providing ‘topline predictability that can be valued without regard to spot ETH price.’ That framing matters more than it might appear: Bitmine posted a net loss of $83.6 million for the same quarter, driven almost entirely by unrealised losses on its ETH holdings, per data from Quartr’s earnings summary.
The Monday announcement cited $257 million in annualised staking revenue based on 5 million staked ETH. More recent disclosures tell a different story. As of 7 September 2026, Bitmine had 5.067 million ETH staked, with annualised revenues then projected at $330 million, rising to $386 million at full scale once all ETH is routed through MAVAN (Made-in-America Validator Network), the company’s dedicated staking infrastructure, according to a Morningstar-carried press release.
By 8 September, total ETH holdings had reached 5.93 million tokens, with total crypto and cash holdings of $15.7 billion. Bitmine says it is 97% of the way to its ‘Alchemy of 5%’ goal, targeting 5% of the entire ETH supply within roughly 15 months of launch. Backers include Founders Fund, Pantera, Kraken, DCG, and Galaxy Digital, per the company’s EQS News announcement.
Treasury Peers Are Taking the Same ETH Pain, With Less Yield Cover
ETH’s roughly 23% decline in Q2 2026 has carved through the balance sheets of every corporate ETH holder. SharpLink, the second-largest ETH treasury company with 863,000 ETH valued at $1.46 billion, reported a Q2 2026 net loss of $394 million. The breakdown in SharpLink’s SEC filing, via StockTitan, differs from the headline: the loss comprised a $321 million unrealised loss on crypto assets at fair value plus a $76.1 million impairment charge on liquid staked ETH positions, partially offset by a $1.4 million realised gain. The six-month net loss for SharpLink reached $1.08 billion.
Bitmine’s unrealised losses are of the same nature, but the staking yield provides partial offset that SharpLink’s model, still scaling after launching its ETH strategy in June 2025, cannot yet replicate at comparable coverage ratios.
The yield mechanics are straightforward. ETH staking currently pays a 2.61% APR across the network. Over 34% of total ETH supply is staked across 897,064 validators, per the Validatorqueue dashboard. For Bitmine, 2.61% on 5.93 million ETH at current prices is the annualised revenue line, before validator costs and slashing risk. Alvin Kan, chief operating officer at Bitget Wallet, told Cointelegraph the yield ‘depends on ETH price and staking yield, and comes with operational, liquidity, validator and regulatory considerations,’ making it a yield-bearing enhancement to treasury strategy rather than a substitute for capital discipline.
Cantor Fitzgerald raised its price target on BMNR from $30.60 to $63.60, maintaining an Overweight rating as of 10 September 2026. The binary for shareholders is whether staking yield at $330 million to $386 million annualised can absorb unrealised loss volatility long enough for the ETH spot price to recover, or whether the balance sheet pressure forces a change in strategy before the 5% supply target is reached.
