Bitmine Raises ETH Staking to 70% of Holdings With $320M Latest Push

Gate News message, April 24 — Bitmine, the largest Ethereum treasury company led by Tom Lee, staked approximately $320 million worth of ether over the past 24 hours, bringing its total staked holdings to over 70% of its overall position.

The company moved roughly 75,600 ETH to a major CEX for staking on Thursday morning, following a separate allocation of more than 61,200 ETH on Wednesday, its first batch in roughly three weeks. According to blockchain analytics platform Lookonchain, Bitmine has now staked approximately 3.5 million ETH, valued at around $8.1 billion, representing about 70.1% of its overall holdings. Unconfirmed reports suggest Bitmine received 100,000 ETH worth roughly $234 million ahead of Thursday’s staking move.

If confirmed, Bitmine’s total ether holdings would reach approximately 5.08 million ETH, extending its lead to more than 580% over its next closest peer SharpLink, which holds about 868,699 ETH. Bitmine now controls more than 4.1% of the total ether supply, approaching its stated 5% target. The company plans to migrate its ether treasury to MAVAN, an in-house staking platform launched last month, with projected annual staking rewards of nearly $300 million based on current yields. Bitmine’s stock (NASDAQ: BMNR) has declined about 55% since October, trading around $22 on Thursday. Ethereum itself is down 3.5% on the day, trading at $2,317.