苏36
09-29 20:17
BitMine crossing 6 million ETH is impressive, but the bigger story may be what happens after the accumulation.

With 5.07 million ETH already staked, BitMine is turning a massive ETH treasury into a potential recurring-yield engine. The company currently cites a 2.62% annualized 7-day staking yield and projects about $358 million in annualized staking revenue.

But investors should separate ETH appreciation from staking economics. A 2.62% yield sounds attractive until ETH falls 20%—staking income cannot fully offset a large decline in the underlying asset.

That makes BMNR an interesting experiment: it is not simply betting on ETH’s price, but on ETH as a productive treasury asset.

The real question is whether staking rewards can compound the treasury faster than dilution, financing costs and ETH volatility erode shareholder value.

For me, B — staking income is the metric worth watching most closely.

@WallStreet_Tiger [龇牙]

Bitcoin ETFs Inflow Streak Ends Amid Rising Fed Rate Concerns; Bitmine Approaches 5% ETH Supply with $11.8B Treasury
The inflow streak for Bitcoin ETFs has ended due to mounting concerns over Federal Reserve interest rate hikes. Meanwhile, Bitmine is nearing a significant milestone by holding close to 5% of the total Ethereum supply, backed by an $11.8 billion treasury. These developments highlight shifting dynamics in the crypto market influenced by macroeconomic factors and institutional holdings.
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