Bitmine Immersion Technologies, the largest corporate Ether holder, said it has surpassed 5 million Ether in staked tokens, a level the company said could generate about $257 million in annualized revenue. Analysts told Cointelegraph that staking (locking crypto to earn rewards) has become a crucial source of recurring income for Bitmine, accounting for about 98% of revenue in the fiscal quarter ended May 31, or $45.7 million of $46.5 million, and helping the company fund operations and a share repurchase program without selling Ether. The development comes as Ether treasury companies face pressure from unrealized losses after Ether fell roughly 23% in the second quarter of 2026. SharpLink, the second-largest Ether treasury company, posted a $394 million net loss for that quarter, largely due to $391 million in unrealized crypto losses. Bitmine held 5.54 million ETH worth $9.4 billion, while SharpLink held 863,000 Ether worth $1.46 billion, according to StrategicEthReserve data. Industry participants said Bitmine’s staking scale highlights Ether’s appeal as a treasury asset because it can produce native yield, though that income still depends on ETH price, staking yields, and operational, liquidity, validator and regulatory risks.