Bitmine Stakes Over $700 Million in Ethereum

Ethereum treasury company Bitmine Immersions has staked almost $1 billion worth of ETH in the past two days, according to Lookonchain. The firm staked a total of 343,560 ETH across multiple tranches.

It initially staked 74,880 ETH, followed by another 79,296 ETH. Its biggest staking tranche was 103,424 ETH, after which it staked another 85,960 ETH.

Bitmine Finally Starts ETH Staking

Bitmine’s move represents its first foray into staking, following months of acquiring ETH as a treasury asset. The decision to stake almost $1 billion worth of ETH in just two days demonstrates Bitmine’s significant focus on staking as part of its business strategy.

According to on-chain analyst Ember_CN, the company has finally decided to start earning interest on its ETH holdings.

He wrote:

Interestingly, Bitmine’s recent move only marks the start of its staking plan. The company has announced that it will launch its Made-in-America Validator Network (MAVAN) by Q1 2026.

With Bitmine holding approximately 4.06 million ETH, it is the largest holder of Ether following its latest accumulation of 98,852 ETH, valued at $294 million.

Ember_CN believes Bitmine could earn around 126,800 ETH in interest if it decides to stake all of its ETH holdings at an approximate APY of 3.12%. That would translate into around $370 million at the current price.

Even with that income, Bitmine would still be at a loss on its ETH holdings. The company bought its current ETH holdings at an average price of $3,884. While the ETH is now worth over $12.4 billion, it has an unrealized loss of $3.37 billion.

ETH Slips Below $3,000 Even as Bitmine CEO Predicts $7,000

Meanwhile, Ether continues to exhibit a volatile performance this week, with the token falling below $3,000 once again. Over the past seven days, ETH has declined by almost 2%, adding to its struggles over the past three months.

According to CoinMarketCap, ETH has declined by almost 30% over the past 90 days, while also falling more than 12% year-to-date. With the fall, it is now trading at $2,940.

Despite the decline over the past few months, many stakeholders are still bullish on ETH. These include Bitmain CEO Tom Lee, who remains very bullish on Ethereum. Lee had predicted that ETH would be worth around $7,000  by the early part of 2026.

Lee believes that 2026 will be a supercycle for ETH, amid the expected upgrades scheduled for the Ethereum network in that year.