Bitmine Pushes ETH Staking to 70% of Holdings With $320M in Latest Allocation

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

The latest tranche of about 75,600 ETH was moved to a major CEX for staking on Thursday morning, following a separate allocation of 61,200 ETH on Wednesday—the firm's first batch in roughly three weeks. According to on-chain data, Bitmine has now staked approximately 3.5 million ETH, valued at around $8.1 billion, representing 70.1% of its total holdings. An additional 100,000 ETH worth roughly $234 million may have been received by three wallets likely tied to the firm ahead of Thursday's staking, which would bring total holdings to roughly 5.08 million ETH.

Bitmine now controls more than 4.1% of the total ether supply, extending its lead to more than 580% over its next closest peer, SharpLink, which holds about 868,699 ETH. The firm plans to migrate its ethereum 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, as ether itself fell 3.5% to $2,317 on the day.