Bitmine Pushes Ethereum Staking Above 70% With New $320 Million Allocation

Bitmine, led by chairman Tom Lee, has significantly expanded its staking activity after moving roughly $320 million worth of Ether into staking over a 24-hour period. The latest transfer included about 75,600 ETH sent for staking, following an earlier allocation of more than 61,200 ETH the previous day.

According to Arkham data, Bitmine now has approximately 3.5 million ETH staked, valued at around $8.1 billion, representing about 70.1% of its overall holdings. Reports also indicated that three newly created wallets linked to the firm received approximately 100,000 ETH worth nearly $234 million ahead of the recent staking move. If confirmed, Bitmine’s total Ether holdings could increase to about 5.08 million ETH, allowing the firm to control more than 4.1% of the total Ethereum supply and move closer to its long-term target of 5%.

Migration Plans and Projected Staking Rewards

Bitmine previously announced plans to migrate its treasury operations to its proprietary MAVAN, although recent allocations continue to be processed through Coinbase Prime. Once the transition is complete, the company expects to generate nearly $300 million in annual staking rewards based on a 2.83% seven-day yield.

The firm’s holdings remain substantially larger than competitor SharpLink, which holds about 868,699 ETH, highlighting Bitmine’s growing dominance within the Ethereum ecosystem.

Disclaimer

This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.