Bitmine Locks 118,944 More ETH, Total Staking Reaches 461,000 ETH

• Bitmine adds 118,944 new ETH to staking, continuing its aggressive accumulation plan.
• Total ETH staked by the company reaches about 461,000, reflecting growing institutional confidence.

Bitmine has once again increased its aggressive Ethereum exposure. The Ethereum treasury company received 32,938 ETH from FalconX and immediately deposited an additional 118,944 ETH into the Proof-of-Stake network. With this step, the company is not just adding to its holdings but also reinforcing its push into large-scale ETH staking, with deposits now running into the hundreds of millions.

Bitmine Deepens Its ETH Staking Position

Rewinding back a few days, since starting staking on December 27, Bitmine has been very aggressive. In just four days, their total staking has reached 461,504 ETH.

This figure is equivalent to approximately 11.2% of Bitmine’s total ETH holdings, which stand at approximately 4.11 million coins.

Furthermore, this large amount of ETH locked up naturally shrinks the circulating supply in the market. This means the market must accept the fact that more ETH is locked in staking, rather than circulating freely on exchanges.

However, the supply issue is not the only issue of interest. Bitmine’s recent moves show that the company is steadily widening its exposure to Ethereum while firming up its footing within the PoS network. Furthermore, this move aligns with Bitmine’s desire to position itself as a major player in staking infrastructure, rather than simply a holder of the asset.

Early last December, we reported that the company had increased its ETH holdings by over $150 million through new purchases. Wallets associated with Bitmine at the time acquired 18,345 ETH through BitGo and 30,278 ETH through Kraken, further indicating a consistent buying pattern, not a spur-of-the-moment move.

Earlier, on November 9, we highlighted that JPMorgan invested approximately $102 million in Bitmine, based on its 13F-HR filing with US regulators.

On the other hand, last week we also noted a different story from Arthur Hayes, who sold most of his ETH holdings and shifted the funds to several DeFi tokens.

Hayes reportedly purchased 137,117 PENDLE tokens worth nearly $259,000. He also increased his holdings by purchasing 132,730 ETHFI tokens worth about $93,000 and about 1.22 million ENA tokens worth about $257,500.

As of the writing time, ETH is trading at about $2,972.97, slightly up 0.93% over the last 24 hours, with $3.16 billion in daily spot trading volume.