BitMine Immersion Technologies staked 86,400 Ethereum worth $266 million on January 10, bringing its total staked position to approximately 1.77 million ETH valued at $5.6 billion.
The Nasdaq-listed company chaired by Fundstrat co-founder Tom Lee now holds 4.17 million ETH representing 3.45% of Ethereum's circulating supply, making it the world's largest corporate Ethereum treasury.
The aggressive staking push comes as Ethereum balances on centralized exchanges dropped to 16.2 million ETH in December, down 21% from 20.75 million at the beginning of this year.
BitMine's accumulation coincides with broader institutional interest, as corporate holders and spot ETFs now control approximately 10.7% of total Ethereum supply.
What Happened
BitMine initiated its staking operations on December 26 with a deposit of approximately 74,880 ETH worth $219 million, according to onchain analytics platform Lookonchain.
The company subsequently staked 82,560 ETH worth $259 million on January 5 and 342,560 ETH worth $1 billion over a two-day period in late December.
BitMine is developing the Made in America Validator Network, scheduled to launch in the first quarter following pilot programs with three institutional staking providers.
At current composite Ethereum staking rates around 2.8%, the company estimates potential annual staking income of $374 million once its holdings are fully deployed.
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Why It Matters
The supply dynamics show institutional accumulation intensifying while retail participation remains muted, with Ethereum futures open interest declining from a July peak of $70 billion to $37 billion in December.
BitMine ranks as the second-largest public cryptocurrency treasury overall behind Strategy's 687,410 BTC holdings worth approximately $62 billion.
The company has stated plans to eventually acquire 5% of Ethereum's circulating supply, equivalent to approximately 6 million ETH at current levels.
Ethereum traded around $3,100 at press time, down more than 12% year-to-date despite the institutional accumulation trend.
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