BitMine Tops Up Ethereum Staking With $218 Million

Renowned crypto investment firm BitMine has continued to double down on both its Ethereum accumulation strategy and the staking of its holdings.

The company, chaired by pro-Ethereum advocate Tom Lee, has remained relentless in its commitment to consistently buying Ethereum regardless of the market condition.

70.12% of Tom Lee’s Ethereum staked

After successfully bagging over 4% of Ethereum’s total circulating supply, BitMine has now staked about 70.12% of its total Ethereum holdings following its latest move.

On Thursday, April 23, blockchain monitoring firm Lookonchain disclosed data revealing that another 93,600 ETH, worth about $218 million, has been added to BitMine’s staked ETH balance.

The move was executed through Coinbase Prime in about six separate transactions containing large batches of ETH tokens.

With this latest staking event, BitMine has now staked a total of 3,489,469 ETH, worth about $8.13 billion from its enormous Ethereum stash.

BitMine tightens Ethereum supply

It is quite obvious that holding Ethereum remains BitMine’s long-term goal as it now has more than 70% of its total Ethereum holdings locked up to earn yield.

The unusually high ratio of its holdings and total stakings makes it clear that the firm is embarking on a long-term bet rather than a short-term trade.

BitMine’s deliberate move to commit nearly all of its holdings to staking suggests that the firm is extremely bullish on the asset and is comfortable sitting tight and earning rewards instead of keeping assets liquid for quicker sell-offs.

With this move, BitMine is also contributing to Ethereum’s tightening supply which propels it for higher price surges as the more Ethereum tokens that get staked, the lesser the circulating supply becomes.