BitMine Immersion Technologies (NYSE: BMNR) has staked roughly 4,917,189 of its ~5.78M ETH through MAVAN, its US-based validator network, putting about 85% of the treasury to work in proof-of-stake. As of early August the company held 5.78M ETH, equal to about 4.8% of circulating supply, and total crypto, cash, marketable securities and investments of roughly $11.5B. The staked position was worth about $9.2B at around $1,880 per ETH. The company targets nearly $300M in annual staking rewards. BMNR shares rose about 9% on Aug 7 as the market absorbed the shift from energy-intensive mining toward an ETH treasury-and-staking model. The move changes the source of the company's yield: from hardware block rewards to validator rewards on its own holdings. A sharp drop in ETH prices or in staking returns would reduce the value of the treasury and the projected rewards.
PR Newswire; Cryptotimes; Simply Wall St