---
type: "Topics"
locale: "en"
url: "https://longbridge.com/en/topics/37761315.md"
description: "BMNR has staked 1.25 million ETH, equivalent to 30% of its total holdings. Recently, I've been thinking about how to reflect the incremental benefits from staking in the mNAV tracking model. This involves valuing the staking rewards—should they be treated as risk-free cash flow or SaaS revenue? Neither seems quite right.I think this is also a challenge institutions will face. The market isn't ready to price staking rewards at this scale, which often leads to pricing mismatches—and that's where the opportunity for narrative divergence lies.$BitMine Immersion Tech(BMNR.US)"
datetime: "2026-01-13T05:23:37.000Z"
locales:
  - [en](https://longbridge.com/en/topics/37761315.md)
  - [zh-CN](https://longbridge.com/zh-CN/topics/37761315.md)
  - [zh-HK](https://longbridge.com/zh-HK/topics/37761315.md)
author: "[lyhalfway](https://longbridge.com/en/profiles/3372973.md)"
---

> Supported Languages: [简体中文](https://longbridge.com/zh-CN/topics/37761315.md) | [繁體中文](https://longbridge.com/zh-HK/topics/37761315.md)


# BMNR has staked 1.25 million ETH, equivalent to 30…


### Related Stocks

- [Bitmine Immersion Technologies, Inc. (BMNR.US)](https://longbridge.com/en/quote/BMNR.US.md)
- [BITMINE IMMERSION TECNOLOGIES INC (BMNRD.US)](https://longbridge.com/en/quote/BMNRD.US.md)

## Comments (11)

- **RH哥哥 · 2026-01-13T06:38:14.000Z**: If the proportion of Ethereum staked across the entire network increases, the yield will decrease. If the yield falls below the federal interest rate, some people will inevitably withdraw and deposit in banks. When someone withdraws, BMNR will step up until most of its ETH is staked, haha, securing 
  - **RH哥哥** (2026-01-13T06:39:00.000Z): After securing your own position, then help others with staking, after all, if the yield is low, others won't be willing to stake.
  - **lyhalfway** (2026-01-13T06:45:15.000Z): The exit queue has been cleared now
  - **RH哥哥** (2026-01-13T06:46:37.000Z): If that's the case, Bmnr might continue to pledge the remaining shares, which could further force some participants to withdraw their pledges.
- **牛子精灵 · 2026-01-13T05:47:37.000Z**: Then buy on divergence
- **岸皙 · 2026-01-13T05:39:28.000Z**: Risk-free cash flow doesn't really make sense given the price risk of ETH itself 🤔
  - **lyhalfway** (2026-01-13T05:40:29.000Z): But the 3% yield from staking is stable
- **黄椒 · 2026-01-13T05:33:44.000Z**: From another perspective, after full collateralization, it's equivalent to obtaining about 10% of ETH's minting rights 🤔. One out of every 10 blocks is proposed by BMNR, which is not just a coin-based return but also a substantial manifestation of power and influence.
  - **lyhalfway** (2026-01-13T05:40:00.000Z): Yes, I previously thought that the scale of holdings would form a Sovereign Put, but this is MSTR's story. For ETH, besides the scale of holdings, the power law effect brought by the scale of staking 
- **财神爷的大孙子 · 2026-01-13T05:29:58.000Z**: Now I don't dare to buy options, gradually adding more shares