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]
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