Bitmine Pushes ETH Staking Above 70% After $320M Move

TLDR

• Bitmine staked about $320 million worth of ETH within 24 hours through Coinbase Prime.
• The company now generates yield on more than 70% of its total ether holdings.
• Onchain data shows Bitmine has staked roughly 3.5 million ETH valued at about $8.1 billion.
• Reports indicate that Bitmine may hold up to 5.08 million ETH if recent wallet transfers are confirmed.
• Bitmine controls over 4.1% of the total ether supply and targets 5%.

Bitmine expanded its Ethereum staking position after moving about $320 million worth of ETH within 24 hours. The company now generates yield on more than 70% of its total ether reserves. Onchain trackers reported fresh transfers to Coinbase Prime as Ethereum traded at $2,317 on Thursday.

Bitmine increases Ethereum Staking Allocation Through Coinbase Prime

Bitmine transferred about 75,600 ETH to Coinbase Prime for staking on Thursday morning. Onchain data from Arkham Intelligence recorded the transaction. The move followed a separate transfer of more than 61,200 ETH on Wednesday.

Blockchain analytics platform Lookonchain flagged the transactions in a public update. It stated that Bitmine has now staked around 3.5 million ETH. That amount equals roughly $8.1 billion and represents about 70.1% of its overall holdings.

Lookonchain also reported that three new wallets likely tied to Bitmine received 100,000 ETH. The tokens carried an estimated value of $234 million before Thursday’s staking activity. Bitmine has not yet confirmed ownership of those wallets.

If confirmed, Bitmine would hold about 5.08 million ETH in total. That level would extend its lead over SharpLink. SharpLink currently holds about 868,699 ETH.

As a result, Bitmine controls more than 4.1% of the total ether supply. The firm has stated a target of reaching 5% of supply. Recent purchases align with that objective.

On Monday, The Block reported that Bitmine bought over 100,000 ETH in the prior week. Chairman Tom Lee said he sees ether in the “final stages of the ‘mini-crypto winter.’” He commented while discussing the firm’s acquisition strategy.

Ethereum Price Declines as Bitmine Advances Treasury Strategy

Ethereum traded at $2,317 on Thursday, reflecting a 3.5% daily decline. The token ranked as the largest loser among the top 20 cryptocurrencies by market value. The broader crypto market also showed weakness during the session.

In March, Bitmine announced plans to migrate its ether treasury to MAVAN. The company launched MAVAN as its in-house staking platform last month. However, recent staking allocations continue to move through Coinbase Prime.

Bitmine has projected nearly $300 million in annual staking rewards once it completes the migration. The estimate relies on a 2.83% seven-day staking yield. The company has not provided a timeline for full migration.

Bitmine’s stock, trading under BMNR, has declined over the past six months. Shares traded near $22 on Thursday. The price reflects a 55% drop since October.

BMNR has tracked Ether’s roughly 50% decline during the broader crypto market drawdown. The company continues to expand its ether holdings despite market pressure. Its latest transfers mark the most recent treasury update.

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