Bitmine appears to be expanding its Ethereum staking footprint as part of its evolving treasury strategy.
Summary
- Bitmine staked 19,200 ETH worth about $60M, lifting total staked ETH to $2.62B.
- The firm now controls over 4 million ETH, the largest known corporate ETH treasury.
- Staking activity supports Bitmine’s planned U.S.-based validator network launch in 2026.
Bitmine is pressing ahead with its Ethereum-first treasury play as staking activity continues to scale.
The latest data was shared in a Jan. 8 post on X by on-chain analytics platform Onchain Lens, which tracked Bitmine’s most recent Ethereum (ETH) staking transaction.
Staking total climbs past $2.6 billion
According to the data, Bitmine staked an additional 19,200 ETH worth about $60.85 million, bringing its total staked balance to roughly 827,008 ETH. At current prices, that stack is valued at around $2.62 billion.
The move extends a rapid staking push that began in late December. Bitmine first entered Ethereum staking on Dec. 27, with 74,880 ETH. Since then, deposits have grown steadily, including 82,560 ETH added in early January and a much larger 186,336 ETH stake on Jan. 6.
With the latest addition, nearly one-fifth of the firm’s ETH holdings are now actively staked. Ethereum’s current staking yield sits near 2.8%, implying annual returns that could reach tens of millions of dollars if Bitmine continues deploying capital at this pace.
Ethereum treasury strategy takes shape
Bitmine now holds more than 4.07 million ETH, valued at roughly $12.8 billion, representing about 3.4% of Ethereum’s total supply. That makes it the largest known corporate holder of ETH and places it second overall among digital asset treasury firms, behind only Strategy’s Bitcoin (BTC) holdings.
Across the market, 68 ETH reserve companies collectively hold about 6.81 million ETH, worth an estimated $21.4 billion, or roughly 5.6% of supply. Compared to other ETH-focused treasuries like SharpLink Gaming, Bitmine alone makes up a significant portion of that total.Â
Under the direction of Tom Lee, the company’s primary focus has shifted from immersion cooling to large-scale digital asset accumulation. Staking and weekly ETH purchases have persisted, solidifying Ethereum’s position as the focal point of its balance sheet.
Validators, market impact, and next steps
The company is getting ready to launch its “Made-in-America Validator Network” (MAVAN), which will run Ethereum validators in the United States. While earlier guidance pointed to a Q1 2026 rollout, the validator entry queue has already seen periods of congestion, partly driven by large institutional deposits like Bitmine’s.
Reactions to the concentration of staking activity have been conflicting. As more ETH flows into a small number of corporate-controlled validators, some analysts have raised concerns about centralization.
Bitmine’s next shareholder meeting is scheduled for Jan. 15 in Las Vegas, where Lee is expected to outline further details on the firm’s staking plans, validator rollout, and broader Ethereum positioning.
