Bitmine Projects $309 Million in Annual Staking Rewards From 5.07 Million Ether

Bitmine had 5,067,309 Ether (ETH) staked as of Oct. 18, supporting a $309 million annualized reward estimate at a 2.58% seven-day yield. The staked balance was unchanged from a week earlier. The estimate uses an ETH reference price of $2,365, valuing the staked position at about $12 billion. About 84% of Bitmine’s 6.04 million ETH holdings were staked. Bitmine added 12,532 ETH to its treasury during the week, and those new tokens were not staked. Tom Lee’s hypothetical scenario puts annualized rewards at $369 million if MAVAN and its staking partners handle the entire ETH treasury.