Ethereum treasury firm BitMine Immersion Technologies has crossed a key milestone, staking more than one million ETH after adding 86,400 Ether worth about $269 million.
The latest staking was completed in four transactions, pushing BitMine’s total holdings to over 1.08 million ETH. By staking its ETH, the firm earns regular yield while helping secure the Ethereum network.
At current rates, BitMine’s staked ETH could generate close to $94 million annually. Analysts say this steady income sets Ethereum-focused treasury strategies apart from Bitcoin, which does not offer yield.
The milestone comes after a difficult year for crypto treasury firms. Meanwhile, BitMine shareholders are set to vote on a proposal to sharply raise the company’s authorized share limit, a move management says offers long-term flexibility.
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