Ethereum Treasury Valuation vs Price Dependence
Bitmine Immersion Technologies controls over six million ETH, representing about 4.8% of supply, and has staked 84% of that stash. The company's Ethereum holdings are valued at over $16 billion, while its market capitalization is $15.8 billion. Annualized staking revenues are now projected at $358 million.
BMNP preferred coupons run 9.5% a year in weekly cash installments, about 29% of operating cash flow, while staking pays Bitmine in ETH. That mismatch bites when ETH falls. Bitmine now adds roughly 10x less ETH per week than a year ago. With Bitmine nearing 5% of ETH supply, the next move is a pivot toward a broader holdings company.
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