Bitmine Boosts Ethereum Staking With New $60M Deposit

• Bitmine adds 19,200 ETH, expanding its rapid staking and accumulation pace.
• Total staked ETH reaches 827,008 as holdings climb to 4.07 million ETH.
• Analysts note Bitmine’s activity strengthens the wider corporate ETH staking trend.

Bitmine executed another significant staking deal in its strategy of Ethereum-first treasury. Onchain Lens shared the update in a post on Jan. 8. The relocation continues an active phase of rapid accumulation, which has been in effect since the end of December.

The company placed an additional 19,200 ETH. The deposit is estimated at $60.85 million. This increased the total staked balance of Bitmine to about 827,008 ETH. The stake is approximately $2.62 billion at the present market prices.

Bitmine started to stake Ether on Dec. 27. It was initially deposited with 74,880 ETH. Soon afterwards, the company added more to its position. The company deposited 82,560 ETH in early January. It was subsequently followed by a massive 186,336 ETH on Jan 6.

Bitmine Strengthens Its Position as a Leading ETH Holder

The latest stake has close to one-fifth of Ether in the company locked in validators. The deposits indicate how the firm has steadily increased its staking footprint. The current yield of Ethereum is around 2.8%. This provides consistent returns to large participants.

The company possesses over 4.07 million ETH in total. It is valued at $12.8 billion. This will constitute approximately 3.4% of the circulating supply of Ethereum. It also propels Bitmine to become the biggest corporate ETH holder.

In the market, there are 68 ETH reserve companies with a total of 6.81 million ETH. The assets are estimated to be at $21.4 billion. Bitmine holds a significant portion of this amount. Its assets are higher than a number of other ETH-based treasury companies, such as SharpLink Gaming.

Also Read: BitMine Stock Surges 14% as Firm Stakes Another $259M in Ethereum

The company has changed its priorities to digital asset accumulation. It keeps on accumulating its Ethereum position by making consistent purchases and staking. It does not focus on short-term exposure. Since Dec 26, the company has been staking Ethereum.

Analysts Highlight Growing Corporate Interest in ETH Staking

As pointed out by market analysts, staking can be enhanced to alleviate supply pressure in the near future. They indicate an increasing trend in the involvement of corporations in Ethereum staking. The deposits of Bitmine support that trend.

Tom Lee leads the company. He has highlighted the presence of Ethereum in the treasury system of the firm. Bitmine plans to increase its total ETH holdings in the long run. The company’s goal is to obtain a larger share of the supply in circulation.

The company will conduct its next shareholder meeting on Jan. 15 in Las Vegas. The company will provide additional information on the staking roadmap. It will also discuss the progress of the validator rollouts and the Treasury strategy. The meeting will provide a deeper understanding of the further steps of Bitmine.

Also Read: Morgan Stanley Ethereum ETF Filing Signals Strong Institutional Momentum