Bitmine Emerson Technologies, the largest corporate ether holder, has surpassed 5 million ether in staked tokens, which the company says will generate an estimated $257 million in annual revenue. announcement monday
Ether (ETH) staking is emerging as an important revenue stream that generated about 98% of Bitcoin’s revenue for the fiscal quarter ended May 31, or $45.7 million of the company’s $46.5 million, analysts at the Bitfinex exchange told Cointelegraph, adding:
“It funds operations and its share buyback program: 19.1 million shares have been repurchased since July against a $4 billion authorization, without selling any ether to Bitmain.”
Ether treasury companies are facing increasingly unrealized losses as their margins are squeezed by the decline in the spot price of Ether, which fell by around 23% in the second quarter of 2026.
SharpLink, the second largest ether treasury company, reported a net loss of $394 million for the second quarter of 2026, driven largely by $391 million in unrealized crypto losses.
Bitmine ranks as the largest corporate Ether holder with 5.54 million ETH, currently worth $9.4 billion. SharpLink is in second place with 863,000 ether, currently worth $1.46 billion, according to Information From StrategicEthReserve.
Ether has emerged as the new treasury asset despite the revenue risks
According to Alvin Kahn, Chief Operating Officer of Bitget Wallet, Bitcoin’s staking milestone demonstrates how Ether can generate domestic yield as a treasury asset while Bitcoin (BTC) is primarily viewed as a balance sheet valuation asset.
While Bitcoin’s staking revenue may encourage more crypto-native companies to adopt ether as a treasury asset, it’s not risk-free income, Kahn told Cointelegraph, adding:
“Revenue is annualized, depends on ETH price and staking yield, and comes with operational, liquidity, legality and regulatory considerations.”
This makes Ether more akin to a yield-bearing extension of treasury strategies rather than a “replacement” for disciplined capital management, Kahn explained.
Related: EToro Buys TradeZero as Q2 Crypto Revenue Drops 30%
Still, recurring staking income acts as a “buffer” for Ether price fluctuations and “ensures topline predictability that can be valued regardless of the ETH price,” wrote Yannis Zormpanos, a contributor to Seeking Alpha, on July 28. Report.
Stacked Ether supply, all time chart. Source: Validatorqueue.com
Ether staking currently pays an annual percentage rate (APR) of 2.61%. More than 34% of the total Ether supply is currently comprised of 897,064 validators, according to Information In the ValidatorQ dashboard.
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