BitMine has staked over 1.5 million ETH, accounting for 4% of the total Ethereum network supply!

BitMine weekly staking 186,560 ETH ($625 million), total staked reaches 1,530,784 ETH ($5.13 billion), accounting for 4% of the Beacon Chain total. The company holds over 4 million ETH, with 37% already staked. Ethereum staking queue surges to 2.3 million ETH, the highest since August 2023.

BitMine’s Crazy Acceleration of 186,560 ETH Staked in One Week

(Source: Arkham)

According to Lookonchain’s report on Wednesday, BitMine Immersion Technologies, chaired by Tom Lee, added 186,560 ETH (worth about $625 million) to the “Beacon Depositor” address. This brings the total staked by the world’s largest Ethereum holder to 1,530,784 ETH, valued at approximately $5.13 billion, representing 4% of the total 36 million ETH staked on the Beacon Chain.

Just days ago, the platform’s staked ETH surpassed 1 million. From 1 million to 1.5 million, BitMine achieved this in less than a week, an extremely rare acceleration among institutional investors. Typically, institutions buy large assets in batches to avoid pushing up prices, but BitMine appears to have adopted a bold strategy: rapidly building positions regardless of cost. Behind this move may be a strong expectation that Ethereum’s price will surge soon.

This proportion could continue to increase, as the company holds over 4 million ETH in total, with only 37% staked. This means about 2.6 million ETH remain unstaked. If all are staked, BitMine would account for over 10% of the total staked ETH on the Beacon Chain. This potential market dominance has two interpretations: optimists believe BitMine’s continuous staking will lock up large supplies and push prices higher, while skeptics worry that excessive centralization of staking could threaten network decentralization.

Three Key Data Points of BitMine’s Ethereum Empire

Total Holdings: 4.167 million ETH (worth about $14 billion), representing 3.45% of circulating supply

Staking Scale: 1.53 million ETH (worth about $5.13 billion), accounting for 4% of the entire network’s staked ETH

Unstaked Reserves: 2.6 million ETH still available for staking, with astonishing potential market influence

On Monday, the company reported holding 4,167,768 ETH and 192 BTC, along with nearly $1 billion in cash and $23 million worth of shares in Eightco Holdings. This diversified asset allocation shows BitMine is not only an Ethereum maximalist but also holds Bitcoin (albeit on a much smaller scale) and cash reserves. The $1 billion cash provides ample “ammunition” for continued ETH purchases and staking.

Meanwhile, the Ethereum staking validator queue has surged to 2.3 million ETH, the highest since August 2023. This queue number is highly significant. A queue of 2.3 million ETH waiting to be staked indicates substantial capital flowing into Ethereum staking markets, with BitMine contributing a large portion. This supply lock-up trend provides structural support for Ethereum’s price.

Tom Lee’s Ethereum Year-One Thesis and Stock Price Correlation

Fundstrat Chairman Tom Lee remains optimistic about Ethereum and crypto development in 2026, despite turbulent late 2025. On Monday, Lee stated: “We still believe that the leverage reset after October 10, 2025, is similar to a ‘mini crypto winter.’ 2026 will be a year of crypto price recovery, with stronger gains in 2027-2028.”

This public optimism has directly impacted BitMine’s stock price. According to Google Finance, BitMine’s stock rose 3.8% after hours on Tuesday, reaching $32.35. The company’s performance has been steady since the start of the year, with an 11.5% increase from the beginning of the year, in line with the overall crypto market rally. The correlation between stock price and holdings value indicates market recognition of BitMine’s business model.

However, the stock price remains well below the July 2025 peak of $161. From $161 to the current $32.35, it has fallen over 80%. This huge gap reflects the valuation challenges crypto treasury companies face in a bear market. Even if holdings remain stable or grow, stock prices can still plummet due to market sentiment. This leverage effect works both ways: in a bull market, stock premiums amplify gains; in a bear market, discounts magnify losses.

As the founder of Fundstrat and a well-known Wall Street bull, Tom Lee’s bullish stance on Ethereum carries market influence. When Lee publicly states “2026 is the recovery year,” it not only defends BitMine’s investment logic but also signals to the market that now is a good time to buy Ethereum. This “chairman endorses his own holdings” behavior is common in capital markets; investors should remain rational.

Ethereum’s 7% Single-Day Rise and the Key Breakthrough at $3,400

Meanwhile, Ethereum just posted its largest single-day gain since 2026, rising 7% in the past 24 hours. According to TradingView data, during Wednesday’s early trading, the asset hit $3,375 on Coinbase, the highest since December 10. Ethereum’s price is approaching the upper boundary of a two-month sideways consolidation channel, and a break above $3,400 is needed to trigger further substantial upward momentum.

A 7% daily increase is rare in the Ethereum market and often signals the start of a major trend or significant event. Could this surge be related to BitMine’s large-scale staking? While causality is hard to prove, the timing is noteworthy. Knowing that BitMine is locking up supply at a rate of 186,560 ETH per week may be changing supply-demand dynamics and triggering price increases.

$3,400 is a critical technical level for Ethereum. It marks the top of a two-month sideways channel and has been tested multiple times in late 2025 without effective breakout. If Ethereum can break and hold above $3,400, it could open the door to $4,000 or even higher. Such a breakout, combined with BitMine’s ongoing staking and Tom Lee’s bullish comments, could create a self-reinforcing upward trend.

BitMine’s aggressive staking strategy is a bold bet on Ethereum’s future. With 1.53 million ETH staked, representing 4% of the network, and an additional 2.6 million ETH potential staking space, BitMine is one of the most influential participants in the Ethereum ecosystem. Its success or failure will directly impact the overall Ethereum market trajectory.